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November 24, 2009

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Home » Business » Finance

Index ends higher on outlook for economy

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.


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