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Stocks hit 3-month high, buoyed by robust economic data
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SHANGHAI stocks extended gains and rose to a three-month high with a soaring trading volume, buoyed by a raft of robust economic data that pointed to an upswing in the world’s second largest economy.
The key Shanghai Composite Index gained 1.15 percent to 2,237.98 points, the highest close since June 6. Trading volume surged to a three-year high of 23.7 billion. Shares worth of 191.1 billion yuan (US$31.3 billion) changed hands.
Industrial output rose 10.4 percent from a year earlier in August, the National Bureau of Statistics said today. The rate was up from the pace of 9.7 percent in July and beat market forecasts of a 9.9 percent rise.
Meanwhile, fixed-asset investment grew 20.3 percent year on year from January to August and retail sales increased 13.4 percent last month, both slightly above market forecasts.
“Economic fundamentals are quietly shifting in the face of the ‘hard-landing’ clan,” said Hong Hao, chief strategist at BOCOM International Holdings Co Ltd. “This important change, coupled with marginal positive changes in liquidity conditions from current accounts and the introduction of Treasury bond futures, have induced a change in market expectations.”
Resilience in the economy provided a boost to cyclical shares in coal, electricity and cement firms, which were among the biggest gainers.
Shares related to the free trade zone continued on their winning streak as investors speculated that unprecedented reforms within the zone will give a boost to the services sector and unleash potential for the world’s second largest economy.
Shanghai Waigaoqiao Free Trade Zone Development Co, operator of two of the four bonded zones that have been included in Shanghai’s pilot free trade zone, surged 10 percent for eight days in a row to 28.95 yuan.
Shanghai Jinqiao Export Processing Zone Development Co leapt 7.4 percent to 15.58 yuan, bringing its increase to 85 percent since the central government approved Shanghai’s plan to set up a pilot free trade zone.
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