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Shanghai shares up 0.24% on faster GDP growth in Q3
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Shanghai stocks rallied today on news that China’s economic growth accelerated in the third quarter. The benchmark Shanghai Composite Index edged up 0.24 percent to 2,193.78 points after losing for three straight days.
The index regained the 2,200-point level before noon but failed to hold ground due to market correction and worry that the economy may decelerate in the fourth quarter.
"Investors are concerned about a slower growth trend in Q4," said Lu Ting, the chief China economist with Bank of America Merrill Lynch. "The Q3 data has limited influence on the markets."
China's economic growth accelerated to 7.8 percent in the third quarter, from 7.5 percent in the second quarter, the National Bureau of Statistics announced today.
Lu estimated that the GDP growth in the fourth quarter will be 7.7 percent while the consumer price index will exceed 3 percent.
China's economic growth in the first nine months averaged 7.7 percent, in line with market expectations and above the government's full-year target of 7.5 percent.
Software and IT stocks were big gainers today with China National Software & Service Co Ltd jumping by the 10 percent daily limit to 44.03 yuan and Tsinghua Tongfang Co rising 2.09 percent to 9.29 yuan.
Shanghai Waigaoqiao Free Trade Zone Development Co reversed its losing trend in recent days and added 0.87 percent to 44.98 yuan.
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