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Higher GDP forecast lifts market
By Feng Jianmin |
December 7, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose today after a China government think tank forecasted higher-than-expected economic growth and advised to raise inflation target. Metal producers and property developers gained.
The Shanghai Composite Index dipped 0.65 percent, or 18.68 points, to 2,875.86. Turnover was 111.2 billion yuan (US$16.7 billion), slightly higher from yesterday's 110.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.7 percent to 1,309.44 points.
Shanghai's key index fell as much as 1.4 percent in the morning after China Securities Journal cautioned possible interest rate hike ahead of the November's official Consumer Price Index on Monday.
But sentiment was lifted after China Academy of Social Science released its annual forecast report expecting China's GDP growth this year will be 9.9 percent, while that for next year will remain around 10 percent. Most organizations and analysts previously estimated China's economic growth to slowdown next year.
The academy also suggested to raise inflation target to 4 percent next year to increase farmers' income, absorb abundant liquidities, and ease pressure for yuan appreciation.
Gold miners extended previous gains after gold bullion prices hit a record US$1,423 per ounce on the New York market on inflation outlook. Shandong Gold Mining Co climbed 5 percent to 57.93 yuan. Zijin Mining Group Co, China's largest gold producer, rose 5 percent to 8.85 yuan.
Other metal producers rebounded after lunch break. Jiangxi Copper Co rose 2.4 percent to 36.92 yuan. Aluminum Corp of China added 1.1 percent to 10.27 yuan.
Property developers gained. China Vanke, China's largest property developer rose 2 percent to 8.66 yuan. Gemdale Corp, China's fourth largest, edged up 0.8 percent to 6.02 yuan.
The Shanghai Composite Index dipped 0.65 percent, or 18.68 points, to 2,875.86. Turnover was 111.2 billion yuan (US$16.7 billion), slightly higher from yesterday's 110.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 1.7 percent to 1,309.44 points.
Shanghai's key index fell as much as 1.4 percent in the morning after China Securities Journal cautioned possible interest rate hike ahead of the November's official Consumer Price Index on Monday.
But sentiment was lifted after China Academy of Social Science released its annual forecast report expecting China's GDP growth this year will be 9.9 percent, while that for next year will remain around 10 percent. Most organizations and analysts previously estimated China's economic growth to slowdown next year.
The academy also suggested to raise inflation target to 4 percent next year to increase farmers' income, absorb abundant liquidities, and ease pressure for yuan appreciation.
Gold miners extended previous gains after gold bullion prices hit a record US$1,423 per ounce on the New York market on inflation outlook. Shandong Gold Mining Co climbed 5 percent to 57.93 yuan. Zijin Mining Group Co, China's largest gold producer, rose 5 percent to 8.85 yuan.
Other metal producers rebounded after lunch break. Jiangxi Copper Co rose 2.4 percent to 36.92 yuan. Aluminum Corp of China added 1.1 percent to 10.27 yuan.
Property developers gained. China Vanke, China's largest property developer rose 2 percent to 8.66 yuan. Gemdale Corp, China's fourth largest, edged up 0.8 percent to 6.02 yuan.
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