Index rise led by property developers
By Feng Jianmin and Ding Yining |
August 12, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday, led by property developers on speculation that interest rates will remain stable on slower industrial expansion and moderate inflation.
The benchmark Shanghai Composite Index rose 0.47 percent to close at 2,607.50. Turnover was 88.8 billion yuan (US$13.1 billion) compared with Tuesday's 129.6 billion yuan.
The National Bureau of Statistics said yesterday that industrial production increased 13.4 percent last month from a year earlier, but growth was 0.3 percentage point down from June.
The Consumer Price Index, the main gauge of inflation, rose 3.3 percent last month from a year earlier.
"Though CPI growth this month is the highest since the beginning of this year, it is still under previous estimation of 3.4 to 3.5 percent," said Xu Weihong from Guodu Securities.
Property developers gained. Poly Real Estate Co added 2.53 percent to 12.58 yuan. Gemdale Corp grew 2.07 percent to 6.90 yuan.
Xinjiang-based companies climbed after China Securities Journal said local governments will invest up to 13 billion yuan in the autonomous region to boost the economy, citing an unnamed National Development and Reform Commission official.
Xinjiang Urban Construction Co surged 9.56 percent to 12.83 yuan. Xinjiang West Construction Co jumped 10 percent to 25.38 yuan. Xinjiang Joinworld Co advanced 6.75 percent to 18.04 yuan.
Shanxi Coal International Energy Group rose 2.2 percent to 20.51 yuan after profit rose 33 percent to 39 million yuan in the first half.
The benchmark Shanghai Composite Index rose 0.47 percent to close at 2,607.50. Turnover was 88.8 billion yuan (US$13.1 billion) compared with Tuesday's 129.6 billion yuan.
The National Bureau of Statistics said yesterday that industrial production increased 13.4 percent last month from a year earlier, but growth was 0.3 percentage point down from June.
The Consumer Price Index, the main gauge of inflation, rose 3.3 percent last month from a year earlier.
"Though CPI growth this month is the highest since the beginning of this year, it is still under previous estimation of 3.4 to 3.5 percent," said Xu Weihong from Guodu Securities.
Property developers gained. Poly Real Estate Co added 2.53 percent to 12.58 yuan. Gemdale Corp grew 2.07 percent to 6.90 yuan.
Xinjiang-based companies climbed after China Securities Journal said local governments will invest up to 13 billion yuan in the autonomous region to boost the economy, citing an unnamed National Development and Reform Commission official.
Xinjiang Urban Construction Co surged 9.56 percent to 12.83 yuan. Xinjiang West Construction Co jumped 10 percent to 25.38 yuan. Xinjiang Joinworld Co advanced 6.75 percent to 18.04 yuan.
Shanxi Coal International Energy Group rose 2.2 percent to 20.51 yuan after profit rose 33 percent to 39 million yuan in the first half.
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