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Stocks climb 1.4% as GDP rebounds
By Ye Zhen |
January 18, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rallied today as data showed China's economic growth accelerated for the first time in two years, feeding into optimism the economy is gathering pace.
The benchmark Shanghai Composite Index rose 1.4 percent to 2,317.07 points with 105.4 billion yuan (US$17 billion) worth of shares trading hands. The index gained 3.3 percent this week.
China's gross domestic product increased 7.9 percent in the fourth quarter of 2012, up from a 7.4 percent rise in the previous quarter. The fourth quarter gain snapped a losing streak of seven quarters, data from the National Bureau of Statistic showed today.
For the year, the economy expanded 7.8 percent from a year earlier to 51.9 trillion yuan. The data beat market expectations of a 7.7 percent rise and was higher than the government target of 7.5 percent.
"The better-than-expected figure confirmed the economy has stabilized and is on track to rebound, and the recovering trend is likely to continue into the first and second quarters this year as factories begin to replenish stock," said Wang Jun, analyst with China Center for International Economic Exchanges.
"Although downward pressure has eased, the government should keep the stimulus measures in place as the foundations for growth remain fragile," Wang added.
Xiang Chaozheng, analyst with AVIC Securities, said although the rebounding momentum is still mild, it is positive for the stock market in the medium term. Xiang cautioned that the market is likely to fluctuate in the short term as investors take profits.
Property developers led today's gains after data from the statistics bureau showed new home prices rose from a month earlier in 54 of 70 cities last month, indicating the housing market is warming up.
Poly Real Estate, China's second largest developer, jumped 5.5 percent to 14.29 yuan. Gemdale Corporation increased 3 percent to 7.01 yuan. China Enterprise Co surged 8.3 percent to close at 5.75 yuan.
The benchmark Shanghai Composite Index rose 1.4 percent to 2,317.07 points with 105.4 billion yuan (US$17 billion) worth of shares trading hands. The index gained 3.3 percent this week.
China's gross domestic product increased 7.9 percent in the fourth quarter of 2012, up from a 7.4 percent rise in the previous quarter. The fourth quarter gain snapped a losing streak of seven quarters, data from the National Bureau of Statistic showed today.
For the year, the economy expanded 7.8 percent from a year earlier to 51.9 trillion yuan. The data beat market expectations of a 7.7 percent rise and was higher than the government target of 7.5 percent.
"The better-than-expected figure confirmed the economy has stabilized and is on track to rebound, and the recovering trend is likely to continue into the first and second quarters this year as factories begin to replenish stock," said Wang Jun, analyst with China Center for International Economic Exchanges.
"Although downward pressure has eased, the government should keep the stimulus measures in place as the foundations for growth remain fragile," Wang added.
Xiang Chaozheng, analyst with AVIC Securities, said although the rebounding momentum is still mild, it is positive for the stock market in the medium term. Xiang cautioned that the market is likely to fluctuate in the short term as investors take profits.
Property developers led today's gains after data from the statistics bureau showed new home prices rose from a month earlier in 54 of 70 cities last month, indicating the housing market is warming up.
Poly Real Estate, China's second largest developer, jumped 5.5 percent to 14.29 yuan. Gemdale Corporation increased 3 percent to 7.01 yuan. China Enterprise Co surged 8.3 percent to close at 5.75 yuan.
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