Shanghai shares higher, helped by Q2 economic data

By Ye Zhen | July 16, 2014, Wednesday |

Online Edition

SHANGHAI stocks inched up this morning after data showed China’s economy expanded at a quicker pace in the second quarter.

The key Shanghai Composite Index rose 0.07 percent, or 1.55 points, to 2,071.90. Turnover was 57.7 billion yuan (US$9.3 billion) by the noon break.

China’s gross domestic product rose 7.5 percent during the April-June period from a year earlier, higher that the rate of 7.4 percent in the first quarter, the National Bureau of Statistics said this morning.

“Mini stimulus such as targeted monetary easing and increased fiscal spending contributed to the economic rebound,” said Guan Qingyou, an analyst at Minsheng Securities.

Guan said the government is expected to maintain a stance of policy easing as the downward pressure on economy remains in the third quarter due to a weakening real estate sector.

Power generators gained the most. Sdic Power Holdings rose 4.5 percent to 5.58 yuan. GD Power Development added 2.7 percent to 2.29 yuan. Huadian Power International jumped 7.5 percent to 3.72 yuan.

Most property developers advanced. Poly Real Estate, China’s second-largest developer, increased 2.7 percent to 5.35 yuan. Deluxe Family added 1.3 percent to 4.58 yuan.

Finance

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Shanghai shares higher, helped by Q2 economic data

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