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BIZCHINA / Index & Statistics |
Chinese shares end slightly higher on strong GDP data(Xinhua)
Updated: 2008-01-24 17:25 Chinese shares were slightly higher on Thursday after the National Bureau of Statistics (NBS) reported a 11.4-percent year-on-year GDP growth. The benchmark Shanghai Composite Index, which covers both A and B shares, climbed 14.69 points, or 0.31 percent, to 4,717.73. The Shenzhen Component Index finished up 212.28 points, or 1.26 percent, at 17,086.60. Gains led losses by 765 to 128 in Shanghai and 566 to 100 in Shenzhen. Aggregate turnover rose to 226.2 billion yuan ($30.99 billion) from 215.5 billion yuan on Wednesday. The shares opened higher in the morning following a dramatic rally on Wall Street but soon went seesawing amid concerns over monetary tightening. The NBS said on Thursday China's gross domestic product (GDP) grew 11.4 percent year-on-year to 24.6619 trillion yuan ($3.43 trillion) in 2007, but the risks of spiraling inflation and economic overheating were also rising. The yearly figure of CPI (consumer price index) rose 4.8 percent, the highest level in more than a decade, stirring worries in further tightening measures. Heavy weights led the drop. The Industrial and Commercial Bank of China slid 1.4 percent to 6.95 yuan. Sinopec dropped 1.53 percent to 18.68 yuan. China Ping An dipped 0.67 percent to 79.93 yuan. Neighbouring markets continued to rise after a surprise US rate cut. Australian share prices closed up 3.1 percent on Thursday, the second day of strong gains after a 12-day losing streak. New Zealand share prices closed 1.2 percent higher. Singapore share prices rose 4.3 percent at midday. The US Dow industrial average ended up almost 300 points as bank rebounded. US President George W. Bush announced last Friday a stimulus plan, which requires approval by Congress, for about $145 billion worth of tax relief, in an attempt to ward off fears of a recession. Analysts said the move would help raise the US GDP by 1 percent in the second quarter of the year. |
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