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Shanghai index up 0.35% on first trading day
By Ye Zhen |
January 4, 2013, Friday
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Online Edition
Online Edition
SHANGHAI stocks ended higher on the first trading day of 2013, boosted by developers as China's average home price rose for a seventh straight month in December, even though the nation's service sector registered the slowest growth rate in 16 months.
The key Shanghai Composite Index gained 0.35 percent to close at 2,276.99 points. Daily turnover was 114.6 billion yuan (US$18.5 billion).
The average new home price of China's 100 major cities rose 0.23 percent last month to 9,715 yuan per square meter, up for seven months in a row, the China Index Academy said today.
The price rose by a marginal 0.03 percent year on year, snapping an eight-month decline, the academy said.
HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activities in private and export-oriented companies, fell for a third straight month in December to a 16-month low of 51.7, down from 52.1 in November, HSBC Holdings Plc and Markit Economics said today. A reading above 50 indicates expansion.
The moderating growth in the service sector may fuel concerns about China's economic recovery, but analysts remained upbeat.
"Although the service PMI posted a slight decline in December, the accelerated growth in new orders and employment indicates the underlying momentum of the service industry is gathering pace," said Qu Hongbin, HSBC's chief economist for China.
"As the manufacturing sector continues to pick up, China's economy is expected to grow at about 8 percent in the fourth quarter (of 2012)," Qu added.
Poly Real Estate, China's second-largest developer, advanced 4.3 percent to 14.19 yuan. Gemdale Corporation added 1.3 percent to 7.11 yuan.
The key Shanghai Composite Index gained 0.35 percent to close at 2,276.99 points. Daily turnover was 114.6 billion yuan (US$18.5 billion).
The average new home price of China's 100 major cities rose 0.23 percent last month to 9,715 yuan per square meter, up for seven months in a row, the China Index Academy said today.
The price rose by a marginal 0.03 percent year on year, snapping an eight-month decline, the academy said.
HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activities in private and export-oriented companies, fell for a third straight month in December to a 16-month low of 51.7, down from 52.1 in November, HSBC Holdings Plc and Markit Economics said today. A reading above 50 indicates expansion.
The moderating growth in the service sector may fuel concerns about China's economic recovery, but analysts remained upbeat.
"Although the service PMI posted a slight decline in December, the accelerated growth in new orders and employment indicates the underlying momentum of the service industry is gathering pace," said Qu Hongbin, HSBC's chief economist for China.
"As the manufacturing sector continues to pick up, China's economy is expected to grow at about 8 percent in the fourth quarter (of 2012)," Qu added.
Poly Real Estate, China's second-largest developer, advanced 4.3 percent to 14.19 yuan. Gemdale Corporation added 1.3 percent to 7.11 yuan.
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