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October 20, 2009

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Remark on GDP boosts shares

SHANGHAI'S key stock index yesterday gained more than 2 percent to a one-month closing high after an official from the nation's top planning body said gross domestic product may reach 8 percent for this year.

The Shanghai Composite Index rose 2.07 percent, or 61.64 points, to 3,038.27 and closed above the key psychological barrier at 3,000 points for the first time since September 17.

Turnover totaled 141 billion yuan (US$20.6 billion).

"China's GDP growth for the first three quarters will be between 7 and 8 percent, and the annual figure is very likely to reach 8 percent," Xiong Bilin, an official of the National Development and Reform Commission, said at a news conference yesterday.

The official figures, including the Consumer Price Index and Producer Price Index, for the first three quarters are set to be announced on Thursday.

"Major economic figures to be announced this week will have a major impact on the market, and the index is very likely to stay above 3,000 in the coming days," Haitong Securities wrote in a report.

The 28 start-up firms to be listed on the Growth-Enterprise Market will start trading on October 30, officials from the Shenzhen Stock Exchange said on Saturday.

Wuliangye Yibin Co, the Chinese liquor producer, said yesterday its profit may hit 2.72 billion yuan for the full year, a 50-percent jump annually. Its shares added 2.66 percent to 21.98 yuan.

Minfeng Special Paper Co said its profit for the first three quarters may soar more than 150 percent from a year earlier, according to a statement last Friday. The stock edged up 0.15 percent to 6.60 yuan.

China Vanke Co, the biggest listed domestic property developer, surged 6.84 percent to 12.34 yuan, and Gemdale Corp rose 8.29 percent to close at 16.19 yuan.


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