Strong data lift key index higher
By Pan Xiaoyi |
January 22, 2010, Friday
|
Print Edition
Print Edition
CHINA'S strong economic data helped Shanghai's key stock index reverse its earlier losses to end slightly higher yesterday.
The Shanghai Composite Index added 0.22 percent, or 7.01 points, to close at 3,158.86. Turnover shrank to 142.1 billion yuan (US$11.3 billion) from 192.7 billion yuan on Wednesday.
China's gross domestic product expanded 8.7 percent in 2009, surpassing the 8 percent target the country set early last year, the National Bureau of Statistics said yesterday. The GDP grew 10.7 percent in the fourth quarter of last year.
The Consumer Price Index in December rose 1.9 percent from a year earlier, up from the 0.6 percent annual rise in November, the bureau said.
''As consumer prices in December accelerated sharply from November, a rise in the benchmark interest rate may occur earlier than market expectations,'' analysts at Guosen Securities Co wrote.
Lenders led the rise on speculation an increase in the interest rate could boost earnings. The Bank of China inched up 0.73 percent to 4.13 yuan and China Merchants Bank jumped 1.8 percent to 16.15 yuan. China Construction Bank Corp gained 2.3 percent to 5.89 yuan and the Industrial and Commercial Bank of China added 1.8 percent to 5.02 yuan.
With the 2010 World Expo just 100 days away, Shanghai firms also rose.
Shanghai Haixin Group and Lao Feng Xiang Co surged by the 10 percent daily cap to 6.67 yuan and 36.72 yuan respectively. Shanghai Shimao Co soared 6.3 percent to 16.56 yuan.
The Expo expects 70 million visitors, which could see more than 100 billion yuan in retail sales, tourism, catering, hotel and transport services.
The Shanghai Composite Index added 0.22 percent, or 7.01 points, to close at 3,158.86. Turnover shrank to 142.1 billion yuan (US$11.3 billion) from 192.7 billion yuan on Wednesday.
China's gross domestic product expanded 8.7 percent in 2009, surpassing the 8 percent target the country set early last year, the National Bureau of Statistics said yesterday. The GDP grew 10.7 percent in the fourth quarter of last year.
The Consumer Price Index in December rose 1.9 percent from a year earlier, up from the 0.6 percent annual rise in November, the bureau said.
''As consumer prices in December accelerated sharply from November, a rise in the benchmark interest rate may occur earlier than market expectations,'' analysts at Guosen Securities Co wrote.
Lenders led the rise on speculation an increase in the interest rate could boost earnings. The Bank of China inched up 0.73 percent to 4.13 yuan and China Merchants Bank jumped 1.8 percent to 16.15 yuan. China Construction Bank Corp gained 2.3 percent to 5.89 yuan and the Industrial and Commercial Bank of China added 1.8 percent to 5.02 yuan.
With the 2010 World Expo just 100 days away, Shanghai firms also rose.
Shanghai Haixin Group and Lao Feng Xiang Co surged by the 10 percent daily cap to 6.67 yuan and 36.72 yuan respectively. Shanghai Shimao Co soared 6.3 percent to 16.56 yuan.
The Expo expects 70 million visitors, which could see more than 100 billion yuan in retail sales, tourism, catering, hotel and transport services.
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