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Shanghai index up 4 days in a row on upbeat data
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Shanghai stocks advanced this morning with the benchmark index heading for a fourth day of gains while heavyweight cyclical shares continued a strong run on improving economic prospect.
The key Shanghai Composite Index rose 0.63 percent to 2,252.04 points. Half-day turnover soared to 122.9 billion yuan (US$20.1 billion).
“Robust economic data for August confirmed that China’s economy has stabilized and is on track to recovery, which provided an impetus for market to rebound,” said Dongguan Securities.
Data released yesterday by the National Bureau of Statistics showed China’s industrial output expanded 10.4 percent from a year earlier, accelerating from July’s 9.7 percent and beating market forecast for a 9.9 percent rise.
Meanwhile, fixed-asset investment jumped 20.3 percent year on year in the first eight months. Retail sales increased 13.4 percent in August, both slightly above market forecast.
China Shipbuilding Industry Co led the increase of shipbuilders, surging by the daily limit of 10 percent to 4.91 yuan, after announcing a plan to raise 8.48 billion yuan.
China CSSC Holdings Ltd climbed 5.8 percent to 21.80 yuan. Guangzhou Shipyard International Co Ltd leapt 6.2 percent to 13.15 yuan.
Shanghai Waigaoqiao Free Trade Zone Development Co extended its winning streak to a ninth day, rising 10 percent to 31.85 yuan, as Shanghai Securities News reported that China will release a detailed plan for the free trade zone in Pudong as early as this week.
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