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Stocks volatile amid economic uncertainty
By Lu Nengneng |
December 8, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly up after falling 1.25 percent in the morning session as investors remained uncertain about China's economic outlook.
The Shanghai Composite climbed 0.42 percent to 2,342.42 points, extending yesterday's advance. Turnover stood at 25.9 billion yuan (US$ 4.07 billion).
A looming economic slowdown has been weighing on investors' minds after the Chinese Academy of Social Sciences said yesterday that China's gross domestic product would increase 9.2 percent annually by year end, 1.2 percentage points down from last year's growth.
But China's consumer price index, due for release tomorrow, is providing some optimism as it is anticipated to drop below 5 percent to the lowest level this year.
Resource stocks were mixed as investors remained uncertain whether the domestic market could digest excessive output ahead of falling global demand.
Jiangxi Copper Co, China's biggest producer of the metal, was down 0.2 percent to 25.1 yuan. Inner Mongolia Baotou Steel climbed 5.39 percent to 4.5 yuan. Wuhan Iron & Steel rose 0.95 percent to 3.18 yuan. West Mining dropped 0.09 percent to 10.69 yuan.
The Shanghai Composite climbed 0.42 percent to 2,342.42 points, extending yesterday's advance. Turnover stood at 25.9 billion yuan (US$ 4.07 billion).
A looming economic slowdown has been weighing on investors' minds after the Chinese Academy of Social Sciences said yesterday that China's gross domestic product would increase 9.2 percent annually by year end, 1.2 percentage points down from last year's growth.
But China's consumer price index, due for release tomorrow, is providing some optimism as it is anticipated to drop below 5 percent to the lowest level this year.
Resource stocks were mixed as investors remained uncertain whether the domestic market could digest excessive output ahead of falling global demand.
Jiangxi Copper Co, China's biggest producer of the metal, was down 0.2 percent to 25.1 yuan. Inner Mongolia Baotou Steel climbed 5.39 percent to 4.5 yuan. Wuhan Iron & Steel rose 0.95 percent to 3.18 yuan. West Mining dropped 0.09 percent to 10.69 yuan.
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