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November 6, 2009

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Home » Business » Finance

Growth upgrade boosts shares

SHANGHAI stocks climbed to a fresh three-month closing high yesterday after the World Bank upgraded the forecast for China's economic growth to 8.4 percent this year.

The benchmark Shanghai Composite Index rose for a fifth straight session to end up 0.85 percent, or 26.52 points, at 3,155.05, its highest close since August 11. Turnover totaled 155.3 billion yuan (US$22.7 billion).

The World Bank said in a report on Wednesday that "China is on track to meet the target of 8-percent growth this year."

PetroChina jumped 1.32 percent to 13.77 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, added 1.66 percent to 12.22 yuan.

The market is in store for a drop after rising for five days but overall the upward trend will continue till the beginning of next year with improving economic conditions, wrote Kang Hongtao, an analyst at Guoyuan Securities, in a report.

Zhejiang Hisun Pharmaceutical Co said it has signed a five-year contract with Intervet Inc to produce a veterinary drug which it estimates could generate US$20 million in sales annually. Its share price surged by the daily limit of 10 percent to 23.94 yuan.

Zhongjin Gold Corp announced it won a bidding for three mining units owned by its parent group. Its shares gained 0.22 percent to 59.47 yuan.


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