Better GDP forecast helps index to end up
By Feng Jianmin |
December 8, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday after a Chinese government think tank predicted a higher-than-expected economic growth, and also on gains made by metal producers and property developers.
The Shanghai Composite Index gained 0.65 percent, or 18.68 points, to end at 2,875.86. Turnover was 111.2 billion yuan (US$16.7 billion), slightly higher than Monday's 110.8 billion yuan.
The gauge fell as much as 1.4 percent in the morning session as China Securities Journal cautioned over a possible interest rate hike ahead of the release of the Consumer Price Index for November.
But sentiment brightened after the China Academy of Social Science released its annual forecast of growth in China's gross domestic product next year at around 10 percent. Most organizations and analysts previously estimated economic growth to slow.
The academy also suggested raising the inflation target to 4 percent next year to increase farmers' income, absorb abundant liquidity and ease pressure for a yuan appreciation.
Gold miners extended previous gains after bullion prices hit a record US$1,426 per ounce on the New York market. Zijin Mining Group Co, China's largest gold producer, rose 5 percent to 8.85 yuan, and Shandong Gold Mining Co, the third biggest, climbed 5 percent to 57.93 yuan.
Jiangxi Copper Co, China's biggest producer of the metal, rose 2.4 percent to 36.92 yuan. Aluminum Corp of China added 1.1 percent to 10.27 yuan.
Poly Real Estate Co, China's second-largest property developer by market value, added 1.4 percent to 12.76 yuan after it said sales between January and November climbed 42 percent from a year earlier.
The Shanghai Composite Index gained 0.65 percent, or 18.68 points, to end at 2,875.86. Turnover was 111.2 billion yuan (US$16.7 billion), slightly higher than Monday's 110.8 billion yuan.
The gauge fell as much as 1.4 percent in the morning session as China Securities Journal cautioned over a possible interest rate hike ahead of the release of the Consumer Price Index for November.
But sentiment brightened after the China Academy of Social Science released its annual forecast of growth in China's gross domestic product next year at around 10 percent. Most organizations and analysts previously estimated economic growth to slow.
The academy also suggested raising the inflation target to 4 percent next year to increase farmers' income, absorb abundant liquidity and ease pressure for a yuan appreciation.
Gold miners extended previous gains after bullion prices hit a record US$1,426 per ounce on the New York market. Zijin Mining Group Co, China's largest gold producer, rose 5 percent to 8.85 yuan, and Shandong Gold Mining Co, the third biggest, climbed 5 percent to 57.93 yuan.
Jiangxi Copper Co, China's biggest producer of the metal, rose 2.4 percent to 36.92 yuan. Aluminum Corp of China added 1.1 percent to 10.27 yuan.
Poly Real Estate Co, China's second-largest property developer by market value, added 1.4 percent to 12.76 yuan after it said sales between January and November climbed 42 percent from a year earlier.
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