Index ends higher on jump in growth
By Lydia Chen and Feng Jianmin |
April 16, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market ended slightly higher yesterday after China reported better-than-expected economic growth in the first quarter but inflation in March was fastest since 2008.
The Shanghai Composite Index edged up 0.3 percent to close at 3,050.53.
The gauge was up 0.7 percent this week as speculation about increasing liquidity outweighed concerns over tighter monetary policies.
Bank of America Merrill Lynch said an increase in reserve requirements for banks may be "imminent" after the nation's foreign-exchange holdings jumped to a world-record US$3 trillion.
China's statistics bureau yesterday said the country's gross domestic product grew 9.7 percent in the January-March quarter from a year earlier.
Inflation accelerated at a 32-month fastest of 5.4 percent in March.
Property developers gained after data showed China's housing sales rose 26 percent in the first quarter as home buyers increased their purchases even as the government stepped up efforts to curb speculation.
Data on home prices in China's 70 major cities is due to be released on Monday.
Poly Real Estate Group Co, China's second-largest developer by market value, gained 2.3 percent to 14.15 yuan.
Coal and steel makers were among the worst performers as investors worried that more tightening measures would be unveiled to bring down price growth.
Baoshan Iron and Steel Co, the country's biggest listed steel maker, shed 1.4 percent to 7.32 yuan. Yanzhou Coal Mining Co declined 1.7 percent to 36.39 yuan.
The Shanghai Composite Index edged up 0.3 percent to close at 3,050.53.
The gauge was up 0.7 percent this week as speculation about increasing liquidity outweighed concerns over tighter monetary policies.
Bank of America Merrill Lynch said an increase in reserve requirements for banks may be "imminent" after the nation's foreign-exchange holdings jumped to a world-record US$3 trillion.
China's statistics bureau yesterday said the country's gross domestic product grew 9.7 percent in the January-March quarter from a year earlier.
Inflation accelerated at a 32-month fastest of 5.4 percent in March.
Property developers gained after data showed China's housing sales rose 26 percent in the first quarter as home buyers increased their purchases even as the government stepped up efforts to curb speculation.
Data on home prices in China's 70 major cities is due to be released on Monday.
Poly Real Estate Group Co, China's second-largest developer by market value, gained 2.3 percent to 14.15 yuan.
Coal and steel makers were among the worst performers as investors worried that more tightening measures would be unveiled to bring down price growth.
Baoshan Iron and Steel Co, the country's biggest listed steel maker, shed 1.4 percent to 7.32 yuan. Yanzhou Coal Mining Co declined 1.7 percent to 36.39 yuan.
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