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Shanghai shares rise after GDP growth indicates recovery
By Ye Zhen |
October 18, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks advanced the most in one week this morning after data showed China's economic slowdown has been stabilizing and may start to pick up in the fourth quarter.
The key Shanghai Composite Index increased 1.03 percent, or 21.59 points to 2,127.21 points. Turnover stood at 33 billion yuan (US$5.2 billion) by the noon break.
China's economy in the third quarter expanded 7.4 percent from a year earlier, the National Bureau of Statistic said today. That compares with growth of 7.6 percent in the second quarter and 8.1 percent in the first quarter.
The growth rate is in line with market expectations and indicates the nation's economic slowdown is stabilizing, said Qu Hongbin, chief economist for China at HSBC.
As stimulus policies start to take effect, China's GDP is likely to rebound to 8 percent in the fourth quarter, Qu said.
Transportation infrastructure-related stocks surged. Guangxi Wuzhou Communications Co leaped by the daily limit of 10 percent to 3.96 yuan. Heilongjiang Transport Development Co soared 10 percent to 2.62 yuan. Jilin Expressway Co jumped 7.1 percent to 2.55 yuan.
Property developers also advanced. China Vanke, the nation's biggest developer, rose 2.2 percent to 8.31 yuan. Poly Real Estate, the second largest developer, increased 3 percent to 10.92 yuan. Gemdale Corporation added 2.6 percent to 5.22 yuan.
Distilleries continued a strong run. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 1.8 percent to 253.27 yuan. Sichuan Tuopai Shede Wine Co gained 2.5 percent to 34.89 yuan. Shanxi Xinghuacun Fen Wine Factory Co advanced 4 percent to 44.70 yuan.
The key Shanghai Composite Index increased 1.03 percent, or 21.59 points to 2,127.21 points. Turnover stood at 33 billion yuan (US$5.2 billion) by the noon break.
China's economy in the third quarter expanded 7.4 percent from a year earlier, the National Bureau of Statistic said today. That compares with growth of 7.6 percent in the second quarter and 8.1 percent in the first quarter.
The growth rate is in line with market expectations and indicates the nation's economic slowdown is stabilizing, said Qu Hongbin, chief economist for China at HSBC.
As stimulus policies start to take effect, China's GDP is likely to rebound to 8 percent in the fourth quarter, Qu said.
Transportation infrastructure-related stocks surged. Guangxi Wuzhou Communications Co leaped by the daily limit of 10 percent to 3.96 yuan. Heilongjiang Transport Development Co soared 10 percent to 2.62 yuan. Jilin Expressway Co jumped 7.1 percent to 2.55 yuan.
Property developers also advanced. China Vanke, the nation's biggest developer, rose 2.2 percent to 8.31 yuan. Poly Real Estate, the second largest developer, increased 3 percent to 10.92 yuan. Gemdale Corporation added 2.6 percent to 5.22 yuan.
Distilleries continued a strong run. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 1.8 percent to 253.27 yuan. Sichuan Tuopai Shede Wine Co gained 2.5 percent to 34.89 yuan. Shanxi Xinghuacun Fen Wine Factory Co advanced 4 percent to 44.70 yuan.
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