Index ends higher on outlook for economy
By Pan Xiaoyi |
November 24, 2009, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index extended its weekly gain yesterday after a Chinese government-backed research institute forecast that China's economy would grow more than 10 percent in the fourth quarter.
The Shanghai Composite Index rose 0.92 percent, or 30.32 points, to close at 3,338.66. Turnover climbed to 203.7 billion yuan (US$29.8 billion) from 200.1 billion yuan last Friday.
Yu Bin, director for macroeconomic research at the Development Research Center of the State Council, or China's Cabinet, said over the weekend that China's gross domestic product is likely to climb above 10 percent in the fourth quarter and to hit 8.5 percent for the whole year.
"The improving economic conditions laid a solid foundation for the key index to climb," said Kang Hongtao, an analyst at Guoyuan Securities. "Corporate earnings, which have beaten market expectations, also provided strong support for the stock market."
Gold producers led the gains after the price of the metal rose more than 20 percent to a record high of US$1,155 an ounce thanks to a weaker US dollar and inflation expectations.
Shandong Gold Mining Co jumped 4.40 percent to 77.82 yuan. Zijin Mining Group Co, the country's largest gold producer, added 2.22 percent to 10.12 yuan and Zhongjin Gold Corp, the second-biggest by market value, gained 1.95 percent to 61.84 yuan.
Coal producers also gained. Datong Coal Industry jumped 2.25 percent to 48.73 yuan while Yanzhou Coal Mining Co edged up 0.96 percent to 22.08 yuan and Guizhou Panjiang Refined Coal Co gained 4.82 percent to 31.76 yuan.
The Shanghai Composite Index rose 0.92 percent, or 30.32 points, to close at 3,338.66. Turnover climbed to 203.7 billion yuan (US$29.8 billion) from 200.1 billion yuan last Friday.
Yu Bin, director for macroeconomic research at the Development Research Center of the State Council, or China's Cabinet, said over the weekend that China's gross domestic product is likely to climb above 10 percent in the fourth quarter and to hit 8.5 percent for the whole year.
"The improving economic conditions laid a solid foundation for the key index to climb," said Kang Hongtao, an analyst at Guoyuan Securities. "Corporate earnings, which have beaten market expectations, also provided strong support for the stock market."
Gold producers led the gains after the price of the metal rose more than 20 percent to a record high of US$1,155 an ounce thanks to a weaker US dollar and inflation expectations.
Shandong Gold Mining Co jumped 4.40 percent to 77.82 yuan. Zijin Mining Group Co, the country's largest gold producer, added 2.22 percent to 10.12 yuan and Zhongjin Gold Corp, the second-biggest by market value, gained 1.95 percent to 61.84 yuan.
Coal producers also gained. Datong Coal Industry jumped 2.25 percent to 48.73 yuan while Yanzhou Coal Mining Co edged up 0.96 percent to 22.08 yuan and Guizhou Panjiang Refined Coal Co gained 4.82 percent to 31.76 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
