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Shares up, led by consumer goods makers

China Daily | Updated: 2009-08-12 05:44

Shares up, led by consumer goods makers

The mainland stocks rose for the first time in five days as consumer-related companies gained after the nation's retail sales accelerated and Qingdao Haier Co reported higher profit, offsetting declines by raw-materials producers.

The Shanghai Composite Index advanced 14.97, or 0.5 percent, to 3264.73 at the close, snapping a four-day, 6.4 percent slump spurred by speculation the central bank will curb inflows into a stock market that had doubled from last year's low.

"The economy is on the right track and I'm not too hung up about the month-to-month fluctuations," said Michelle Qi, portfolio manager at Bank of Communications Schroders Fund Management Co.

Shares up, led by consumer goods makers

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