China Stocks Rise Thursday Despite Growth Slowdown

BEIJING, Oct. 19 -- Chinese stocks rose Thursday, despite news that the country's economic growth continued to slow for the seventh straight quarter.

The benchmark Shanghai Composite Index gained 1.24 percent, or 26.07 points, to finish at 2,131.69, while the Shenzhen Component Index closed at 8,798.2, up 157.02 points, or 1.82 percent.

China's economy grew 7.4 percent year on year in the third quarter, the National Bureau of Statistics (NBS) announced Thursday.

In the first three quarters, the GDP grew by 7.7 percent, according to the NBS.

"Compared with the first half, we have seen some improvements in the third quarter," said NBS spokesman Sheng Laiyun.

China's economic growth has started to stabilize and witness positive changes, Premier Wen Jiabao said during recent talks on China's economic condition, adding that the economy will continue to stabilize as government policies continue to be implemented.

Combined turnover on both bourses came in at 130.8 billion yuan (207.62 billion U.S. dollars), up from 94.07 billion yuan on the previous trading day.

Most shares climbed on Thursday, with gainers outnumbering losers by 901 to 58 in Shanghai and by 1,448 to 70 in Shenzhen.

Property developers led the rise, as many property giants reported impressive performance in the third quarter. Seven property shares rose by the daily limit of 10 percent, including Huayuan Property Co., Ltd., which jumped to 3.25 yuan per share.

Steel producers also rallied on Thursday, with Inner Mongolia BaoTou Steel Union Co., Ltd. up 4.19 percent to 5.22 yuan and Chongqing Iron and Steel Co., Ltd. up 4.41 percent to 2.37 yuan.