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Shanghai index hits 5-week high on upbeat data
By Ye Zhen |
October 18, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI stocks rose for a third day, sending the key index to the highest level in more than a month, after data showed China's economic slowdown is stabilizing and growth may pick up in the fourth quarter.
The key Shanghai Composite Index increased 1.24 percent to 2,131.69 points, the highest close since September 11. Daily turnover reached 65.7 billion yuan (US$10.2 billion).
China's economy expanded 7.4 percent from a year earlier in the third quarter, dropping from a 7.6 percent rise in the second quarter, the National Bureau of Statistic said today.
Retail sales jumped 14.2 percent year on year in September, compared with 13.2 percent the previous month. September's industrial growth accelerated 9.2 percent year on year, faster than August's 8.9 percent.
The growth rate is in line with market expectations and indicates the nation's economic slowdown is stabilizing, said Qu Hongbin, chief economist for China at HSBC. As stimulus policies start to take effect, China's GDP is likely to rebound to 8 percent in the fourth quarter, Qu said.
Property developers led the market up. Poly Real Estate, the nation's second largest developer, increased 6.4 percent to 11.28 yuan. Gemdale Corporation rose 4.5 percent to 5.32 yuan. Huayuan Property Co jumped by the daily limit of 10 percent to 3.25 yuan. CRED Holding Co surged 10 percent to 4.83 yuan.
Traffic infrastructure-related stocks surged. Guangxi Wuzhou Communications Co expanded by the daily limit of 10 percent to 3.96 yuan. Heilongjiang Transport Development Co soared 10 percent to 2.62 yuan. Jilin Expressway Co climbed 6.3 percent to 2.53 yuan.
The key Shanghai Composite Index increased 1.24 percent to 2,131.69 points, the highest close since September 11. Daily turnover reached 65.7 billion yuan (US$10.2 billion).
China's economy expanded 7.4 percent from a year earlier in the third quarter, dropping from a 7.6 percent rise in the second quarter, the National Bureau of Statistic said today.
Retail sales jumped 14.2 percent year on year in September, compared with 13.2 percent the previous month. September's industrial growth accelerated 9.2 percent year on year, faster than August's 8.9 percent.
The growth rate is in line with market expectations and indicates the nation's economic slowdown is stabilizing, said Qu Hongbin, chief economist for China at HSBC. As stimulus policies start to take effect, China's GDP is likely to rebound to 8 percent in the fourth quarter, Qu said.
Property developers led the market up. Poly Real Estate, the nation's second largest developer, increased 6.4 percent to 11.28 yuan. Gemdale Corporation rose 4.5 percent to 5.32 yuan. Huayuan Property Co jumped by the daily limit of 10 percent to 3.25 yuan. CRED Holding Co surged 10 percent to 4.83 yuan.
Traffic infrastructure-related stocks surged. Guangxi Wuzhou Communications Co expanded by the daily limit of 10 percent to 3.96 yuan. Heilongjiang Transport Development Co soared 10 percent to 2.62 yuan. Jilin Expressway Co climbed 6.3 percent to 2.53 yuan.
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