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Shanghai stocks rise slightly on strong Nov data
By Ye Zhen |
December 10, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning as strong economic data released over the weekend indicated that China's economy is regaining momentum.
The key Shanghai Composite Index rose 0.48 percent, or 9.91 points, to 2,071.70 points. Turnover stood at 43.3 billion yuan (US$7 billion) by midday.
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.
Brokerages gained after media reported that the China Securities Regulatory Commission is considering expanding financing channels for brokerages. CITIC Securities, the biggest listed brokerage, added 1.6 percent to 10.88 yuan. Haitong Securities Co climbed 1.7 percent to 9.04 yuan. Sinolink Securities Co increased 1 percent to 13.84 yuan.
Cement producers also advanced. Anhui Conch Cement Co, China's biggest cement producer, added 1 percent to 17.88 yuan. Gansu Qilianshan Cement Group Co grew 3 percent to 9.98 yuan. Shaanxi Qinling Cement (Group) Co surged by the daily limit of 10 percent to 5.24 yuan.
Distilleries fell after a consumer said liquor samples from Kweichow Moutai Co, a state-owned liquor maker, was found to contain an excessive level of plasticizers. Sichuan Tuopai Shede Wine Co shed 1.6 percent 20.95 yuan. Shanxi Xinghuacun Fen Wine Factory Co decreased 1.7 percent to 32.95 yuan. Sichuan Swellfun Co dropped 2.2 percent to 17.04 yuan.
The key Shanghai Composite Index rose 0.48 percent, or 9.91 points, to 2,071.70 points. Turnover stood at 43.3 billion yuan (US$7 billion) by midday.
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.
Brokerages gained after media reported that the China Securities Regulatory Commission is considering expanding financing channels for brokerages. CITIC Securities, the biggest listed brokerage, added 1.6 percent to 10.88 yuan. Haitong Securities Co climbed 1.7 percent to 9.04 yuan. Sinolink Securities Co increased 1 percent to 13.84 yuan.
Cement producers also advanced. Anhui Conch Cement Co, China's biggest cement producer, added 1 percent to 17.88 yuan. Gansu Qilianshan Cement Group Co grew 3 percent to 9.98 yuan. Shaanxi Qinling Cement (Group) Co surged by the daily limit of 10 percent to 5.24 yuan.
Distilleries fell after a consumer said liquor samples from Kweichow Moutai Co, a state-owned liquor maker, was found to contain an excessive level of plasticizers. Sichuan Tuopai Shede Wine Co shed 1.6 percent 20.95 yuan. Shanxi Xinghuacun Fen Wine Factory Co decreased 1.7 percent to 32.95 yuan. Sichuan Swellfun Co dropped 2.2 percent to 17.04 yuan.
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