Shares rise before eagerly awaited data
Print Edition
SHANGHAI stocks rose to a three-month high on speculation over an economic recovery ahead of the release of China’s quarterly gross domestic product data today.
The Shanghai Composite Index gained 0.51 percent to close at 3,082.36 points.
“Investors are closely watching (Friday’s) China’s GDP statistics,” Bright Smart Securities Co wrote in a note yesterday. “The market expects the Chinese economy to grow 6.7 percent in the first quarter.”
Market sentiment was further buoyed by the People’s Bank of China’s move to pump funds into 17 financial institutions through open market operations on Wednesday night, analysts said.
Jiangsu Safety Wire Rope Co surged by the 10 percent daily limit to 14.47 yuan (US$2.23) as did Zhejiang Dehong Automotive Electronic and Electrical Co to 23.52 yuan.
Investment trust firm Shanghai AJ Corp added 6.85 percent to close at 11.55 yuan.
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