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Index gains 1 percent to close at 3,339
By Ding Yining |
November 23, 2009, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index added nearly 1 percent today, as confidence remained after an official from a government-backed research institute said GDP growth may reach 10 percent in the fourth quarter.
The benchmark Shanghai Composite Index rose 0.92 percent, or 30.32 points, to close at 3,338.66 points. Turnover stood at 203.7 billion yuan (US$29.8 billion). Gainers outnumbered losers 726 to 148, and 25 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.53 percent to close at 1,227.26 points.
Yu Bin, director for macroeconomic research at the Development Research Center of the State Council, said over the weekend that whole year GDP growth is likely to reach 8.5 percent while the figure for the fourth quarter is likely to climb above 10 percent. He also suggested China is facing other challenges including slowing pace of increasing in domestic demand and inflation pressures.
Gold has risen 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 rallied 4.40 percent to 77.82 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 2.22 percent to 10.12 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1.95 percent to 61.84 yuan.
Coal producers were among the gainers. Datong Coal Industry jumped 2.25 percent to 48.73 yuan. Yanzhou Coal Mining Co edged up 0.96 percent to 22.08 yuan. Guizhou Panjiang Refined Coal Co gained 4.82 percent to 31.76 yuan.
Bucking the upward trend, power producers lost because previous gains were excessive. Datang International Power Generation Co, a unit of the second-biggest electricity producer, lost 0.70 percent to 9.93 yuan. China Yangtze Power Co was down 0.71 percent to 13.89 yuan.
Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.18 percent to 5.47 yuan. Shanghai Pudong Development Bank was down 0.13 percent to 23.59 yuan. China Construction Bank edged up 0.32 percent to close at 6.28 yuan. Bank of Communications added 0.44 percent to 9.17 yuan.
The benchmark Shanghai Composite Index rose 0.92 percent, or 30.32 points, to close at 3,338.66 points. Turnover stood at 203.7 billion yuan (US$29.8 billion). Gainers outnumbered losers 726 to 148, and 25 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, added 1.53 percent to close at 1,227.26 points.
Yu Bin, director for macroeconomic research at the Development Research Center of the State Council, said over the weekend that whole year GDP growth is likely to reach 8.5 percent while the figure for the fourth quarter is likely to climb above 10 percent. He also suggested China is facing other challenges including slowing pace of increasing in domestic demand and inflation pressures.
Gold has risen 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 rallied 4.40 percent to 77.82 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 2.22 percent to 10.12 yuan. Zhongjin Gold Corp, the second biggest by market value, gained 1.95 percent to 61.84 yuan.
Coal producers were among the gainers. Datong Coal Industry jumped 2.25 percent to 48.73 yuan. Yanzhou Coal Mining Co edged up 0.96 percent to 22.08 yuan. Guizhou Panjiang Refined Coal Co gained 4.82 percent to 31.76 yuan.
Bucking the upward trend, power producers lost because previous gains were excessive. Datang International Power Generation Co, a unit of the second-biggest electricity producer, lost 0.70 percent to 9.93 yuan. China Yangtze Power Co was down 0.71 percent to 13.89 yuan.
Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.18 percent to 5.47 yuan. Shanghai Pudong Development Bank was down 0.13 percent to 23.59 yuan. China Construction Bank edged up 0.32 percent to close at 6.28 yuan. Bank of Communications added 0.44 percent to 9.17 yuan.
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