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Shanghai shares up 0.14% in morning trading
By Ye Zhen |
January 21, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning on rising sentiment as the country's economy showed signs of recovery while the government pushed for stock market reform.
The key Shanghai Composite Index added 0.14 percent to 2,320.31 points. Turnover stood at 62.6 billion yuan (US$10.1 billion) by midday.
"A pick-up in economic growth in the fourth quarter indicates that China's economy has moved from the phase of adjustment into a new growth cycle, which added new impetus to the market," Shenyin & Wanguo Securities said in a report.
China's gross domestic product grew 7.9 percent in the fourth quarter of 2012, accelerating from a pace of 7.4 percent in the previous quarter and snapping a seven-quarter losing streak, according to the National Bureau of Statistic.
Meanwhile, domestic stock markets are also boosted by such reform measures as tightened auditing of initial public offering applications and efforts to attract more foreign investment, the broker said.
Coal producers led the market up. Shanxi Lanhua Sci-Tech Venture Co climbed 2 percent to 22.70 yuan. Yangquan Coal Industry (Group) Co jumped 7.3 percent to 15.33 yuan. Shanxi Lu'an Energy Development Co added 2.4 percent to 23.19 yuan.
Cement producer also gained. Anhui Conch Cement Co, China's biggest cement producer, increased 2.1 percent to 18.69 yuan. Gansu Qilianshan Cement Group Co rose 1.8 percent to 10.44 yuan.
China Vanke, the nation's biggest developer, surged by the daily limit of 10 percent to 11.13 yuan after the company said it plans to convert its Shenzhen-listed B shares to Hong Kong-listed H shares.
The key Shanghai Composite Index added 0.14 percent to 2,320.31 points. Turnover stood at 62.6 billion yuan (US$10.1 billion) by midday.
"A pick-up in economic growth in the fourth quarter indicates that China's economy has moved from the phase of adjustment into a new growth cycle, which added new impetus to the market," Shenyin & Wanguo Securities said in a report.
China's gross domestic product grew 7.9 percent in the fourth quarter of 2012, accelerating from a pace of 7.4 percent in the previous quarter and snapping a seven-quarter losing streak, according to the National Bureau of Statistic.
Meanwhile, domestic stock markets are also boosted by such reform measures as tightened auditing of initial public offering applications and efforts to attract more foreign investment, the broker said.
Coal producers led the market up. Shanxi Lanhua Sci-Tech Venture Co climbed 2 percent to 22.70 yuan. Yangquan Coal Industry (Group) Co jumped 7.3 percent to 15.33 yuan. Shanxi Lu'an Energy Development Co added 2.4 percent to 23.19 yuan.
Cement producer also gained. Anhui Conch Cement Co, China's biggest cement producer, increased 2.1 percent to 18.69 yuan. Gansu Qilianshan Cement Group Co rose 1.8 percent to 10.44 yuan.
China Vanke, the nation's biggest developer, surged by the daily limit of 10 percent to 11.13 yuan after the company said it plans to convert its Shenzhen-listed B shares to Hong Kong-listed H shares.
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