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November 10, 2009

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Optimism on data lifts index

SHANGHAI'S key stock index edged up yesterday, rising for a seventh straight trading session to close at a three-month high, amid optimism that October economic data to be released tomorrow will show a continued improvement in China's economic recovery.

The Shanghai Composite Index added 0.36 percent, or 11.55 points, to close at 3,175.59. Turnover shrank to 158.8 billion yuan (US$23.7 billion) from 181 billion yuan.

"The expansion in the gross domestic product, consumer price index, producer price index and other economic data for last month will highlight further improvement of the country's economic conditions," China International Capital Corp wrote in a research note. "And this will bolster the A share market."

Auto makers rose on news the Ministry of Industry and Information Technology is considering extending the 50 percent of vehicle purchase tax policy which is due to expire by the end of this year. Dongfeng Automobile Co gained 2 percent to 6.38 yuan while Shenyang Jinbei Automotive Co rose 1.2 percent to 4.95 yuan.

Utility companies gained on speculation China may raise retail electricity prices this month to help power generators cover losses. Datang International Power Generation Co jumped 6.2 percent to 9.79 yuan and Huaneng Power International Inc climbed 2.6 percent to 8.35 yuan.

Gold miners sparkled after the bullion price topped the US$1,100 an ounce for the first time. Shandong Gold Mining Co surged 7.7 percent to 75.79 yuan. Zhongjin Gold Corp gained 4.6 percent to 62.68 yuan and Zijin Mining Group Co rose 3.3 percent to 9.91 yuan.


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