China’s Stocks Rise After Economy Grows 7.8% in Third Quarter

Bloomberg (18/10) --- Chinese stocks rose, paring a weekly loss for the benchmark index, after economic growth accelerated in the third quarter from the previous three months.The Shanghai Composite Index (SHCOMP) added 0.2 percent to 2,192.52 at 10:04 a.m. The nation’s economy expanded 7.8 percent in the third quarter, matching the median forecast of 48 economists compiled by Bloomberg. That compared with growth of 7.5 percent in the previous quarter. Industrial output also met estimates.The CSI 300 Index climbed 0.3 percent to 2,419.68. The Hang Seng China Enterprises Index (HSCEI) rose 0.7 percent. The Bloomberg China-US Equity Index added 0.7 percent in New York yesterday.The Shanghai gauge has slid 1.5 percent this week, heading for the first weekly drop this month, as companies linked to the city’s free-trade zone tumbled on concern valuations are excessive.Industrial production rose 10.2 percent in September from a year earlier, the report showed. That compared with the 10.2 percent median forecast of 48 economists and a 10.4 percent gain in August.Fixed-asset investment excluding rural households increased 20.2 percent in the January-to-September period from a year earlier, the report showed. That compared with the 20.3 percent median estimate in a Bloomberg survey and a 20.3 percent increase in the first eight months of 2013.