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Index rises to 4-week high on strong economic data
By Ye Zhen |
December 11, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks rose to a four-week high yesterday as China's economy is showing signs of rising momentum in spite of slowing growth in the country's foreign trade.
The Shanghai Composite Index rose more than 1 percent to 2,083.77 points.
China's industrial production grew 10.1 percent from a year earlier in November, up 0.5 percentage point from October, according to data from the National Bureau of Statistics. The growth rate was the highest in eight months.
China's retail sales grew 14.9 percent from a year earlier in November, also the best showing in eight months, according to the bureau.
"The data confirmed that China's economy is continuing to gather momentum, bolstered by a strong rebound in industrial output and accelerating domestic demand," said Peng Wensheng, chief economist at China International Capital Corp.
But China's November trade surplus surprisingly narrowed to US$19.6 billion from October's US$32 billion and September's US$27.6 billion, the General Administration of Customs said yesterday.
Exports grew 2.9 percent year on year to US$179.4 billion in November, down sharply from an 11.6 percent rise in October, while imports were flat at US$159.8 billion, slowing from a 2.4 percent gain in October.
Brokerages gained on reports the China Securities Regulatory Commission is thinking of expanding financing channels for them. CITIC Securities, China's biggest listed broker, added 1.7 percent to 10.89 yuan (US$1.75). Sinolink Securities Co rose 1.2 percent to 13.86 yuan.
The Shanghai Composite Index rose more than 1 percent to 2,083.77 points.
China's industrial production grew 10.1 percent from a year earlier in November, up 0.5 percentage point from October, according to data from the National Bureau of Statistics. The growth rate was the highest in eight months.
China's retail sales grew 14.9 percent from a year earlier in November, also the best showing in eight months, according to the bureau.
"The data confirmed that China's economy is continuing to gather momentum, bolstered by a strong rebound in industrial output and accelerating domestic demand," said Peng Wensheng, chief economist at China International Capital Corp.
But China's November trade surplus surprisingly narrowed to US$19.6 billion from October's US$32 billion and September's US$27.6 billion, the General Administration of Customs said yesterday.
Exports grew 2.9 percent year on year to US$179.4 billion in November, down sharply from an 11.6 percent rise in October, while imports were flat at US$159.8 billion, slowing from a 2.4 percent gain in October.
Brokerages gained on reports the China Securities Regulatory Commission is thinking of expanding financing channels for them. CITIC Securities, China's biggest listed broker, added 1.7 percent to 10.89 yuan (US$1.75). Sinolink Securities Co rose 1.2 percent to 13.86 yuan.
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