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Economic data bolsters Shanghai index
By Joyce Pan |
January 21, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index reversed earlier losses today, shored up by the country's strong economic growth.
The benchmark Shanghai Composite Index added 0.22 percent, or 7.01 points, to close at 3,158.86 points. Turnover shrank to 142.1 billion yuan (US$11.3 billion) from 192.7 billion yuan on Wednesday. Gainers outnumbered losers 558 to 317 while 17 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.21 percent to close at 1,186.98 points.
Gross domestic product expanded 8.7 percent in 2009, surpassing the 8 percent target set early last year, the National Bureau of Statistics said today. Growth gained pace to 10.7 percent in the fourth quarter.
Meanwhile, the Consumer Price Index in December rose 1.9 percent from a year earlier, rising from the 0.6 percent year on year rise in November, the statistics bureau said.
"As consumer prices in December accelerated sharply from November, a lift in the benchmark interest rate may come earlier than market expectations," analysts from Guosen Securities Co wrote in a research note.
Lenders led the gainers on speculation an interest rate rise could boost earnings. Bank of China inched up 0.73 percent to 4.13 yuan. China Merchants Bank jumped 1.8 percent to 16.15 yuan. China Construction Bank Corp gained 2.3 percent to 5.89 yuan. Industrial and Commercial Bank of China advanced 1.8 percent to 5.02 yuan.
Shanghai shares outperformed on the 100-day countdown of Shanghai Expo. Shanghai Haixin Group and Lao Feng Xiang Co surged by the 10 percent daily cap to 6.67 yuan and 36.72 yuan respectively. Shanghai Shimao Co soared 6.3 percent to 16.56 yuan.
Shanghai Expo is expecting 70 million visitors, which could generate more than 100 billion yuan sales in retail, tourism, catering, hotel and transportation.
The benchmark Shanghai Composite Index added 0.22 percent, or 7.01 points, to close at 3,158.86 points. Turnover shrank to 142.1 billion yuan (US$11.3 billion) from 192.7 billion yuan on Wednesday. Gainers outnumbered losers 558 to 317 while 17 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.21 percent to close at 1,186.98 points.
Gross domestic product expanded 8.7 percent in 2009, surpassing the 8 percent target set early last year, the National Bureau of Statistics said today. Growth gained pace to 10.7 percent in the fourth quarter.
Meanwhile, the Consumer Price Index in December rose 1.9 percent from a year earlier, rising from the 0.6 percent year on year rise in November, the statistics bureau said.
"As consumer prices in December accelerated sharply from November, a lift in the benchmark interest rate may come earlier than market expectations," analysts from Guosen Securities Co wrote in a research note.
Lenders led the gainers on speculation an interest rate rise could boost earnings. Bank of China inched up 0.73 percent to 4.13 yuan. China Merchants Bank jumped 1.8 percent to 16.15 yuan. China Construction Bank Corp gained 2.3 percent to 5.89 yuan. Industrial and Commercial Bank of China advanced 1.8 percent to 5.02 yuan.
Shanghai shares outperformed on the 100-day countdown of Shanghai Expo. Shanghai Haixin Group and Lao Feng Xiang Co surged by the 10 percent daily cap to 6.67 yuan and 36.72 yuan respectively. Shanghai Shimao Co soared 6.3 percent to 16.56 yuan.
Shanghai Expo is expecting 70 million visitors, which could generate more than 100 billion yuan sales in retail, tourism, catering, hotel and transportation.
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