Chinese shares rise on upbeat growth data

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Chinese shares rise on upbeat growth data

(Xinhua) 17:29, October 18, 2013

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BEIJING, Oct. 18 -- Chinese shares moved higher on Friday after data showed strength in the world's second largest economy.

The benchmark Shanghai Composite Index went up 0.24 percent, or 5.24 points, to finish at 2,193.78, while the Shenzhen Component Index rose 0.75 percent, or 63.67 points, to finish at 8,584.87.

China's gross domestic product growth accelerated to 7.8 percent in the third quarter, up from 7.5 percent in the second quarter, the National Bureau of Statistics announced on Friday.

Growth in the first nine months stood at 7.7 percent, which is in line with market expectations and was above the government's full-year target of 7.5 percent.

The growth pick-up gave only a slight boost to the stock market as investors remained cautious as to whether the current momentum can be sustained.

Zhang Liqun, a researcher at the Development Research Center of the State Council, expects growth in the final quarter to see a slight drop from this quarter, adding it would be normal to see a growth between 7 to 8 percent.

Software shares were robust on Friday, with China National Software & Service Co. and Neusoft both going limit up, to 44.03 yuan (7.2 U.S. dollars) and 16.84 yuan, respectively.

Securities and media sectors also saw slight rebounds. Everbright Securities Co., Ltd moved up 2.1 percent to end the day at 9.67 yuan per share.

（Editor：WangXin、Yao Chun）