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GDP data leaves index flat
By Joyce Pan |
April 15, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market remained flat today as investors were divided on the first-quarter economic data released this morning.
China's economy grew 11.9 percent in the first three months from a year earlier, the fastest since 2007, according to the National Bureau of Statistics.
The cracking growth pace laid a solid foundation for the country to reach its yearly target of 8 percent GDP growth but also raised the risk of overheating, analysts said.
At the same time, the Consumer Price Index rose 2.4 percent in March year on year, slowing down from February's 2.7 percent and easing some concerns over an imminent interest rate rise.
The benchmark Shanghai Composite Index dipped 0.04 percent, or 1.22 points, to close at 3,164.97 points. Turnover shrank to 136.8 billion yuan (US$20.12 billion) from 137.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.26 percent to close at 1,231.58 points.
Property developers extended the losses after the government yesterday pledged different mortgage and tax policies for end-users and speculators and continue to increase the supply of ordinary housing to crack down on speculation.
Poly Real Estate Group dipped 1.3 percent to 18.54 yuan. Gemdale Corp retreated 2.1 percent to 12.81 yuan.
Brokerages bucked the downward trend as stock index futures will be launched tomorrow. Sinolink Securities Co jumped 2.9 percent to 21.94 yuan. China Merchants Securities co climbed 0.7 percent to 28.3 yuan.
China's economy grew 11.9 percent in the first three months from a year earlier, the fastest since 2007, according to the National Bureau of Statistics.
The cracking growth pace laid a solid foundation for the country to reach its yearly target of 8 percent GDP growth but also raised the risk of overheating, analysts said.
At the same time, the Consumer Price Index rose 2.4 percent in March year on year, slowing down from February's 2.7 percent and easing some concerns over an imminent interest rate rise.
The benchmark Shanghai Composite Index dipped 0.04 percent, or 1.22 points, to close at 3,164.97 points. Turnover shrank to 136.8 billion yuan (US$20.12 billion) from 137.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.26 percent to close at 1,231.58 points.
Property developers extended the losses after the government yesterday pledged different mortgage and tax policies for end-users and speculators and continue to increase the supply of ordinary housing to crack down on speculation.
Poly Real Estate Group dipped 1.3 percent to 18.54 yuan. Gemdale Corp retreated 2.1 percent to 12.81 yuan.
Brokerages bucked the downward trend as stock index futures will be launched tomorrow. Sinolink Securities Co jumped 2.9 percent to 21.94 yuan. China Merchants Securities co climbed 0.7 percent to 28.3 yuan.
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