Stocks end up on selective buying, data expectations

10:50, August 10, 2010      

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Chinese shares ended 0.5 percent higher Monday underpinned by selective buying of retail shares, but trading was mostly rangebound as investors awaited monthly data from China for cues on further government policy.

  China is set to announce a raft of macroeconomic numbers, including July exports and inflation numbers, in the coming days, with policymakers trying to gauge the extent to which external demand will compensate for slower domestic growth brought on by tightening measures.

  The Shanghai Composite Index ended at 2,672.5 points, extending a 0.8-percent rise last week, bolstered by ample liquidity in the market, partly fanned by heavy capital inflows.

  "In the short term, the index may be affected by China's economic data," said Cao Xuefeng, analyst at Western Securities.

  The index has risen about 12 percent since early July, although it is still down nearly 19 percent from the start of the year due to China's various policy tightening measures to control the property market.

  Turnover in Shanghai A shares rose to 126 billion yuan ($18.62 billion) from Friday's 123 billion yuan ($18.18 billion).

Source: Global Times


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