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Shanghai stocks trade flat amid cloudy outlook
By Ye Zhen |
October 16, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks ended flat today amid uncertainty over the country's economic outlook. The benchmark Shanghai Composite Index added a paltry 0.01 percent to close at 2098.81 points. Daily turnover was 47.2 billion yuan (US$7.5 billion).
Investors were cautious as China's economic data was mixed after the nation posted better trade and money supply figures for September.
Gao Shanwen, chief economist at Essence Securities, expected the Chinese economy to bottom out in the third quarter and pick up slightly in the fourth quarter with a growth rate of about 7.7 percent.
However, Yang Delong, an analyst at China Southern Fund, said "the economic trend remained vague and better economic data may result from seasonal factors rather than reflect real improvement."
China's exports rose 9.9 percent from a year earlier in September, the fastest pace in three months, while imports recovered from a drop in August, growing 2.4 percent year on year. M2, the broadest measure of money supply, posted a quicker-than-expected increase of 14.8 percent last month.
Distilleries were bullish as they anticipated better-than-expected earnings for the first nine months. Kweichow Moutai Co, a leading high-end liquor producer in China, rose 1.7 percent to 249.81 yuan. Sichuan Swellfun Co climbed 4.4 percent to 24.83 yuan. Sichuan Tuopai Shede Wine Co added 4.3 percent to 33.41 yuan.
Ship builders also advanced. Asian Star Anchor Chain Co rose 2.9 percent to 8.18 yuan. CSSC Jiangnan Heavy Industry Co gained 1.2 percent to 14.87 yuan. China CSSC Holdings Limited added 1 percent to 19.93 yuan.
Investors were cautious as China's economic data was mixed after the nation posted better trade and money supply figures for September.
Gao Shanwen, chief economist at Essence Securities, expected the Chinese economy to bottom out in the third quarter and pick up slightly in the fourth quarter with a growth rate of about 7.7 percent.
However, Yang Delong, an analyst at China Southern Fund, said "the economic trend remained vague and better economic data may result from seasonal factors rather than reflect real improvement."
China's exports rose 9.9 percent from a year earlier in September, the fastest pace in three months, while imports recovered from a drop in August, growing 2.4 percent year on year. M2, the broadest measure of money supply, posted a quicker-than-expected increase of 14.8 percent last month.
Distilleries were bullish as they anticipated better-than-expected earnings for the first nine months. Kweichow Moutai Co, a leading high-end liquor producer in China, rose 1.7 percent to 249.81 yuan. Sichuan Swellfun Co climbed 4.4 percent to 24.83 yuan. Sichuan Tuopai Shede Wine Co added 4.3 percent to 33.41 yuan.
Ship builders also advanced. Asian Star Anchor Chain Co rose 2.9 percent to 8.18 yuan. CSSC Jiangnan Heavy Industry Co gained 1.2 percent to 14.87 yuan. China CSSC Holdings Limited added 1 percent to 19.93 yuan.
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