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Market ends higher after key data released
By Lydia Chen and Feng Jianmin |
April 15, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market was slightly higher today after China reported higher-than-expected economic growth in the first quarter but inflation in March was fastest since 2008.
The Shanghai Composite Index edged up 0.26 percent to close at 3,050.53. The gauge was up 0.66 percent this week after the central bank raised interest rates on April 5.
China's top statistics bureau said today that the country's gross domestic product grew 9.7 percent in the first quarter from a year earlier. Inflation accelerated 5 percent in the first quarter and a 32-month fastest of 5.4 percent in March.
Retailers led the gainers after President Hu Jintao today pledged to boost domestic demand especially consumption in the next five years.
Spencer Leung, a Hong Kong based executive director of UBS Investment Research today predicted a year-on-year growth of 15 percent in the retailing sector in the next 15 years "as residents are more likely to spend on goods and services after home prices surge beyond affordability."
Ningbo United Group Co jumped 5.2 percent to 15.24 yuan.
Coal and steelmakers were among the worst performers this morning as investors worried that more tightening measures would be released to bring down price growth.
Baoshan Iron &Steel Co, the country's biggest steel maker, shed 1.4 percent to 7.32 yuan. Yanzhou Coal Mining Co declined 1.7 percent to 36.39 yuan.
The Shanghai Composite Index edged up 0.26 percent to close at 3,050.53. The gauge was up 0.66 percent this week after the central bank raised interest rates on April 5.
China's top statistics bureau said today that the country's gross domestic product grew 9.7 percent in the first quarter from a year earlier. Inflation accelerated 5 percent in the first quarter and a 32-month fastest of 5.4 percent in March.
Retailers led the gainers after President Hu Jintao today pledged to boost domestic demand especially consumption in the next five years.
Spencer Leung, a Hong Kong based executive director of UBS Investment Research today predicted a year-on-year growth of 15 percent in the retailing sector in the next 15 years "as residents are more likely to spend on goods and services after home prices surge beyond affordability."
Ningbo United Group Co jumped 5.2 percent to 15.24 yuan.
Coal and steelmakers were among the worst performers this morning as investors worried that more tightening measures would be released to bring down price growth.
Baoshan Iron &Steel Co, the country's biggest steel maker, shed 1.4 percent to 7.32 yuan. Yanzhou Coal Mining Co declined 1.7 percent to 36.39 yuan.
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