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Shanghai stocks up slightly as investors await key data
By Ye Zhen |
October 12, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today after swinging between gains and losses as investors played it safe ahead of the release of September and third-quarter economic data.
The benchmark Shanghai Composite Index was up 0.1 percent to close at 2,104.93 points. Daily turnover was 51.4 billion yuan (US$8.2 billion). The index gained for a second week by adding 0.9 percent this week.
The market sentiment was cautious today as numerous key indicators for trade, inflation and GDP are to be released this weekend and next week.
China's economy may have expanded 7.5 percent year on year in the three months ended September 30, according to estimates by 13 economists surveyed by Shanghai Securities News. That is slower than the second-quarter growth rate of 7.8 percent.
Market uncertainty may deepen with further economy slowdown and deteriorating profitability of listed companies, Shenyin & Wanguo Securities said.
Publishers gained on speculations that book sales will be boosted after Chinese author Mo Yan won the 2012 Nobel Literature Prize yesterday. Shanghai Xinhua Media Co jumped by the daily limit of 10 percent to 6.23 yuan. Changjiang Publishing & Media Co climbed 6.3 percent to 7.43 yuan. Time Publishing and Media Co rose 3.9 percent to 10.94 yuan.
Lenders rallied after Central Huijin Investment Ltd, a state-owned investment company, increased its stake in the country's four largest banks. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.5 percent to 3.84 yuan. China Construction Bank Corporation rose 1.7 percent to 4.14 yuan. Agricultural Bank of China inched up 0.4 percent to 2.50 yuan.
The benchmark Shanghai Composite Index was up 0.1 percent to close at 2,104.93 points. Daily turnover was 51.4 billion yuan (US$8.2 billion). The index gained for a second week by adding 0.9 percent this week.
The market sentiment was cautious today as numerous key indicators for trade, inflation and GDP are to be released this weekend and next week.
China's economy may have expanded 7.5 percent year on year in the three months ended September 30, according to estimates by 13 economists surveyed by Shanghai Securities News. That is slower than the second-quarter growth rate of 7.8 percent.
Market uncertainty may deepen with further economy slowdown and deteriorating profitability of listed companies, Shenyin & Wanguo Securities said.
Publishers gained on speculations that book sales will be boosted after Chinese author Mo Yan won the 2012 Nobel Literature Prize yesterday. Shanghai Xinhua Media Co jumped by the daily limit of 10 percent to 6.23 yuan. Changjiang Publishing & Media Co climbed 6.3 percent to 7.43 yuan. Time Publishing and Media Co rose 3.9 percent to 10.94 yuan.
Lenders rallied after Central Huijin Investment Ltd, a state-owned investment company, increased its stake in the country's four largest banks. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.5 percent to 3.84 yuan. China Construction Bank Corporation rose 1.7 percent to 4.14 yuan. Agricultural Bank of China inched up 0.4 percent to 2.50 yuan.
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