Data push key index to close at 5-week high
By Ye Zhen |
October 19, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed at a five-week high yesterday after data showed China's economic slowdown is stabilizing, prompting hopes the economy may start to pick up in the fourth quarter.
The Shanghai Composite Index gained 1.24 percent to 2,131.69 points, the highest close since September 11.
China's economy grew 7.4 percent from a year earlier in the three months ending in September, slower than the second quarter's 7.6 percent growth, the National Bureau of Statistic said yesterday. On a quarterly basis, the economy grew 2.2 percent, up from the second quarter's 2 percent.
The growth rate signals the economic slowdown is stabilizing, said Qu Hongbin, chief economist for China at HSBC. China's economy is likely to rebound to 8 percent in the fourth quarter, he added.
Premier Wen Jiabao has said China will achieve its annual growth target of 7.5 percent.
China's retail sales in September rose 14.2 percent annually, up from 13.2 percent in August, while growth in industrial output accelerated to 9.2 percent annually from August's 8.9 percent, boosting recovery hopes.
Property firms gained after data showed new home sales in China rose 3.3 percent annually in January to September, up from a 2.3 percent growth in the first eight months.
Poly Real Estate, the nation's second-largest listed developer, rose 6.4 percent to close at 11.28 yuan (US$1.80).
The Shanghai Composite Index gained 1.24 percent to 2,131.69 points, the highest close since September 11.
China's economy grew 7.4 percent from a year earlier in the three months ending in September, slower than the second quarter's 7.6 percent growth, the National Bureau of Statistic said yesterday. On a quarterly basis, the economy grew 2.2 percent, up from the second quarter's 2 percent.
The growth rate signals the economic slowdown is stabilizing, said Qu Hongbin, chief economist for China at HSBC. China's economy is likely to rebound to 8 percent in the fourth quarter, he added.
Premier Wen Jiabao has said China will achieve its annual growth target of 7.5 percent.
China's retail sales in September rose 14.2 percent annually, up from 13.2 percent in August, while growth in industrial output accelerated to 9.2 percent annually from August's 8.9 percent, boosting recovery hopes.
Property firms gained after data showed new home sales in China rose 3.3 percent annually in January to September, up from a 2.3 percent growth in the first eight months.
Poly Real Estate, the nation's second-largest listed developer, rose 6.4 percent to close at 11.28 yuan (US$1.80).
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