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China stocks higher despite low industrial output growth

(Xinhua)
Updated: 2008-12-15 15:50

Chinese shares rose 0.52 percent on Monday, as a pledged policy boost over the weekend outweighed the impact on investor confidence following the announcement of a record-low industrial output growth.

The benchmark Shanghai Composite Index was up 10.16 points to close at 1,964.37. The Shenzhen Component Index ended up 0.12 percent, or 8.72 points, to 7,101.42.

Combined turnover on the two bourses stood at 81.9 billion yuan ($11.96 billion), down from 107.878 billion yuan for the previous trading day.

The National Bureau of Statistics (NBS) said Monday morning that China's industrial output rose 5.4 percent year-on-year in November, the slowest pace since January 2001 according to NBS figures.

The industrial output growth added to worries over a slowdown in the world's fastest growing economy, as indicated by a slew of figures announced this week including November export, which posted the first monthly decline since June 2001.

However, new policy support announced over the weekend gave a boost to fragile investor confidence. The State Council, or the Cabinet, said on Saturday it planned to increase currency supply and allow banks to provide more loans next year in a bid to support economic growth, in addition to the earlier-announced 4-trillion-yuan stimulus package.

On Monday, gainers vastly outnumbered losers by 647 to 206 in Shanghai and 561 to 162 in Shenzhen.

Shares of companies involved in providing transport services between the Chinese mainland and Taiwan rose by a big margin, as the two sides started the long-awaited direct transport and mail services on Monday morning.

Xiamen Port Development rose 7.22 percent to finish at 7.72 yuan. Fujian Zhangzhou Development went up 4.93 percent to 3.19 yuan. Xiamen International Airport was up 3.48 percent to 13.69 yuan.

The telecom sector also rose on news that China would allow its three mobile phone operators to develop high-speed networks using third-generation technology (3G) either this December or at the beginning of next year.

China Unicom, one of the three operators, rose 1.25 percent to 5.68 yuan. ZTE Corporation, a leading telecom equipment manufacturer, rose 3.89 percent to 28.03 yuan.

Monday's rally came after heavy losses for two consecutive days at the end of last week. Shenyin & Wanguo Securities analysts wrote in a note that the market remained weak and they expected more corrections ahead this week.