Key index gains on likely positive data
By Staff Reporter |
January 20, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose the most in five weeks, on speculation that economic data due out today may show that China's inflation in December was lower and that economic growth in 2010 was stronger than expected.
The Shanghai Composite Index gained 1.81 percent to 2,758.1 points, the biggest rise since December 13. Turnover rose to 90 billion yuan (US$13.7 billion) from 68.8 billion yuan on Tuesday.
China's Consumer Price Index rose 4.6 percent in December from a year earlier, against the 5.1 percent surge in November, Hong Kong-based Phoenix Television reported yesterday. The figure met with general market expectations though some analysts had previously estimated the figure to exceed 5 percent.
The TV station also said China's gross domestic product grew 10.3 percent last year, higher than analysts' expectation of 10.1 percent.
High-speed railway firms surged after media said that Chinese companies are likely to bid for high-speed railway projects in the United States and Britain.
China CNR Corp and CSR Corp surged by 10 percent after the South China Morning Post said the two companies are close to winning bids in Britain. Jinxi Axle Co also jumped by the daily limit of 10 percent to 16.92 yuan.
Datong Coal Industry Co climbed 3.1 percent to 19.45 yuan. China Shenhua Energy Co, the country's largest coal producer, added 1.6 percent to end at 24.10 yuan.
The Shanghai Composite Index gained 1.81 percent to 2,758.1 points, the biggest rise since December 13. Turnover rose to 90 billion yuan (US$13.7 billion) from 68.8 billion yuan on Tuesday.
China's Consumer Price Index rose 4.6 percent in December from a year earlier, against the 5.1 percent surge in November, Hong Kong-based Phoenix Television reported yesterday. The figure met with general market expectations though some analysts had previously estimated the figure to exceed 5 percent.
The TV station also said China's gross domestic product grew 10.3 percent last year, higher than analysts' expectation of 10.1 percent.
High-speed railway firms surged after media said that Chinese companies are likely to bid for high-speed railway projects in the United States and Britain.
China CNR Corp and CSR Corp surged by 10 percent after the South China Morning Post said the two companies are close to winning bids in Britain. Jinxi Axle Co also jumped by the daily limit of 10 percent to 16.92 yuan.
Datong Coal Industry Co climbed 3.1 percent to 19.45 yuan. China Shenhua Energy Co, the country's largest coal producer, added 1.6 percent to end at 24.10 yuan.
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