Economic data boost recovery in key index
By Ye Zhen |
January 19, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks rallied yesterday after declining for two days as China's economic growth accelerated for the first time in two years, sparking investor optimism over the economy.
The Shanghai Composite Index rose 1.41 percent to 2,317.07 points. For the week, the index gained 3.3 percent.
China's gross domestic product grew 7.9 percent in the fourth quarter of 2012, faster than the 7.4 percent increase in the previous quarter, data from the National Bureau of Statistic showed yesterday.
For last year, China's economy expanded 7.8 percent to 51.9 trillion yuan (US$8.4 trillion). The growth beat market hopes of 7.7 percent and the government target of 7.5 percent.
"The better-than-expected figure confirmed that China's economy has stabilized and is on track to rebound, and the recovery trend may continue into the first and second quarters of this year," said Wang Jun, analyst with China Center for International Economic Exchanges.
But Xiang Chaozheng, analyst with AVIC Securities, cautioned over short-term volatility in the market as investors may take profits.
Data from the statistics bureau showed new home prices rose last month from November in 54 of the 70 cities tracked.
Poly Real Estate Group, China's second-largest listed developer, jumped 5.5 percent to close at 14.29 yuan. Gemdale Corp added 3 percent to finish at 7.01 yuan.
The Shanghai Composite Index rose 1.41 percent to 2,317.07 points. For the week, the index gained 3.3 percent.
China's gross domestic product grew 7.9 percent in the fourth quarter of 2012, faster than the 7.4 percent increase in the previous quarter, data from the National Bureau of Statistic showed yesterday.
For last year, China's economy expanded 7.8 percent to 51.9 trillion yuan (US$8.4 trillion). The growth beat market hopes of 7.7 percent and the government target of 7.5 percent.
"The better-than-expected figure confirmed that China's economy has stabilized and is on track to rebound, and the recovery trend may continue into the first and second quarters of this year," said Wang Jun, analyst with China Center for International Economic Exchanges.
But Xiang Chaozheng, analyst with AVIC Securities, cautioned over short-term volatility in the market as investors may take profits.
Data from the statistics bureau showed new home prices rose last month from November in 54 of the 70 cities tracked.
Poly Real Estate Group, China's second-largest listed developer, jumped 5.5 percent to close at 14.29 yuan. Gemdale Corp added 3 percent to finish at 7.01 yuan.
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