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
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
