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Shanghai shares rally on rosy Nov data
By Ye Zhen |
December 10, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks advanced for a second day today as strong economic data released over the weekend show China's economy is regaining momentum.
The key Shanghai Composite Index rose 1 percent, or 21.98 points, to 2,083.77 points. Daily turnover was 81.5 billion yuan (US$13.1 billion).
China's industrial production expanded 10.1 percent from a year earlier in November, up 0.5 percentage points from October, according to data from the National Bureau of Statistics. The growth rate beat the market expectation of 9.8 percent and was the highest in eight months.
Meanwhile, China's retail sales grew 14.9 percent annually in November, also the best showing in eight months, the data showed.
"The data confirmed that China's economy is continuing to gather momentum, bolstered by a strong rebound in industrial output and accelerating domestic demand," Peng Wensheng, chief economist with China International Capital Corporation, said in a report today.
China posted a weaker-than-expected trade data for November with trade surplus falling to US$19.6 billion from October's US$32 billion and September's US$27.6 billion, the General Administration of Customs said today.
Exports grew 2.9 percent annually to US$179.4 billion in November, down sharply from an increase of 11.6 percent in October, while imports remained flat year on year at US$159.8 billion, slowing from a 2.4 percent increase in October.
Brokerages gained amid reports that the China Securities Regulatory Commission is considering expanding financing channels for brokerages. CITIC Securities, the biggest listed brokerage, added 1.7 percent to 10.89 yuan. Sinolink Securities Co increased 1.2 percent to 13.86 yuan.
Non-ferrous metals producers also rallied. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, rose 2.3 percent to 32.77 yuan. Xiamen Tungsten Co gained 2.8 percent to 33.51 yuan. Rising Nonferrous Metals Share Co added 2.5 percent to 38.82 yuan.
The key Shanghai Composite Index rose 1 percent, or 21.98 points, to 2,083.77 points. Daily turnover was 81.5 billion yuan (US$13.1 billion).
China's industrial production expanded 10.1 percent from a year earlier in November, up 0.5 percentage points from October, according to data from the National Bureau of Statistics. The growth rate beat the market expectation of 9.8 percent and was the highest in eight months.
Meanwhile, China's retail sales grew 14.9 percent annually in November, also the best showing in eight months, the data showed.
"The data confirmed that China's economy is continuing to gather momentum, bolstered by a strong rebound in industrial output and accelerating domestic demand," Peng Wensheng, chief economist with China International Capital Corporation, said in a report today.
China posted a weaker-than-expected trade data for November with trade surplus falling to US$19.6 billion from October's US$32 billion and September's US$27.6 billion, the General Administration of Customs said today.
Exports grew 2.9 percent annually to US$179.4 billion in November, down sharply from an increase of 11.6 percent in October, while imports remained flat year on year at US$159.8 billion, slowing from a 2.4 percent increase in October.
Brokerages gained amid reports that the China Securities Regulatory Commission is considering expanding financing channels for brokerages. CITIC Securities, the biggest listed brokerage, added 1.7 percent to 10.89 yuan. Sinolink Securities Co increased 1.2 percent to 13.86 yuan.
Non-ferrous metals producers also rallied. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, rose 2.3 percent to 32.77 yuan. Xiamen Tungsten Co gained 2.8 percent to 33.51 yuan. Rising Nonferrous Metals Share Co added 2.5 percent to 38.82 yuan.
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