Economic uncertainty leads to flat trading
By Ye Zhen |
October 17, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks ended nearly flat yesterday amid uncertainty over the nation's economic outlook.
The benchmark Shanghai Composite Index added 0.01 percent to 2,098.81 points.
Investors were cautious as views on China's economic outlook remain mixed although the nation posted better trade and money supply figures for September.
Gao Shanwen, chief economist at Essence Securities, said he expects the economy may have bottomed out in the third quarter and the growth would pick up slightly in the fourth quarter with a growth rate of around 7.7 percent.
However, Yang Delong, an analyst at China Southern Fund, said it's still hard to predict which way the economy will go.
"The economic situation remains vague," Yang said. "Last month's economic data improved, but it may be the result of seasonal factors rather than genuine improvement."
Market gains were supported by distilleries as they anticipated better-than-expected earnings for the first nine months of this year.
Kweichow Moutai Co rose 1.7 percent to 249.81 yuan (US$39.88). Sichuan Swellfun Co jumped 4.4 percent to close at 24.83 yuan.
The benchmark Shanghai Composite Index added 0.01 percent to 2,098.81 points.
Investors were cautious as views on China's economic outlook remain mixed although the nation posted better trade and money supply figures for September.
Gao Shanwen, chief economist at Essence Securities, said he expects the economy may have bottomed out in the third quarter and the growth would pick up slightly in the fourth quarter with a growth rate of around 7.7 percent.
However, Yang Delong, an analyst at China Southern Fund, said it's still hard to predict which way the economy will go.
"The economic situation remains vague," Yang said. "Last month's economic data improved, but it may be the result of seasonal factors rather than genuine improvement."
Market gains were supported by distilleries as they anticipated better-than-expected earnings for the first nine months of this year.
Kweichow Moutai Co rose 1.7 percent to 249.81 yuan (US$39.88). Sichuan Swellfun Co jumped 4.4 percent to close at 24.83 yuan.
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