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Shanghai market rallies on upbeat GDP data
By Ye Zhen |
January 18, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rallied this morning after sliding for two days as new data showed China's economy expanded faster than expected last year, ending a seven-quarter slowdown.
The benchmark Shanghai Composite Index gained 0.56 percent to 2,297.69 points. Turnover was 48.4 billion yuan (US$7.8 billion) by the noon break.
China's gross domestic product expanded 7.8 percent in 2012 to 51.9 trillion yuan, the National Bureau of Statistic said today. The data beat market expectation of 7.7 percent and is higher than the government target of 7.5 percent.
The economy grew 7.9 percent in the fourth quarter, accelerating from a 7.4 percent increase in the third quarter and snapping a seven-quarter losing streak. The data fueled optimism that China's economy is gathering pace.
"The better-than-expected GDP figure confirmed that China's economy has stabilized and is on track to rebound. The recovering trend is likely to continue into the first and second quarters this year as factories begin to replenish stock," said Wang Jun, analyst with China Center for International Economic Exchanges.
"Although downward pressure has eased, the government should keep the stimulus measures in place as the foundation for growth remains fragile," Wang added.
Most property developers gained after the statistics bureau said new home prices rose in 54 of the 70 major cities in December, indicating China's housing market is warming up.
Poly Real Estate, China's second largest developer, gained 1.5 percent to 13.75 yuan. Gemdale Corporation added 1.2 percent to 6.89 yuan. China Enterprise Co climbed 4.9 percent to 5.57 yuan.
Environment-related stocks continued a strong run on speculations that the government will increase investment in environmental protection after air pollution plagued many cities recently. Beijing Capital Co, a sewage treatment company, rose 1.1 percent to 4.54 yuan. Tianjin Capital Environmental Protection Group Co jumped 5.5 percent to 5.53 yuan.
The benchmark Shanghai Composite Index gained 0.56 percent to 2,297.69 points. Turnover was 48.4 billion yuan (US$7.8 billion) by the noon break.
China's gross domestic product expanded 7.8 percent in 2012 to 51.9 trillion yuan, the National Bureau of Statistic said today. The data beat market expectation of 7.7 percent and is higher than the government target of 7.5 percent.
The economy grew 7.9 percent in the fourth quarter, accelerating from a 7.4 percent increase in the third quarter and snapping a seven-quarter losing streak. The data fueled optimism that China's economy is gathering pace.
"The better-than-expected GDP figure confirmed that China's economy has stabilized and is on track to rebound. The recovering trend is likely to continue into the first and second quarters this year as factories begin to replenish stock," said Wang Jun, analyst with China Center for International Economic Exchanges.
"Although downward pressure has eased, the government should keep the stimulus measures in place as the foundation for growth remains fragile," Wang added.
Most property developers gained after the statistics bureau said new home prices rose in 54 of the 70 major cities in December, indicating China's housing market is warming up.
Poly Real Estate, China's second largest developer, gained 1.5 percent to 13.75 yuan. Gemdale Corporation added 1.2 percent to 6.89 yuan. China Enterprise Co climbed 4.9 percent to 5.57 yuan.
Environment-related stocks continued a strong run on speculations that the government will increase investment in environmental protection after air pollution plagued many cities recently. Beijing Capital Co, a sewage treatment company, rose 1.1 percent to 4.54 yuan. Tianjin Capital Environmental Protection Group Co jumped 5.5 percent to 5.53 yuan.
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