SHANGHAI: China shares closed higher on Thursday, lifted by new data showing industrial profits rose in July, and as tech firms resumed a rally sparked by reforms to the country’s tech-heavy ChiNext board.
At the close, the Shanghai Composite index was up 0.61% at 3,350.11. The blue-chip CSI300 index was up 0.54%. The smaller Shenzhen index closed 1.04% higher on Thursday.
Profits at China’s industrial firms grew for a third straight month in July and at the fastest pace since June 2018, data from the National Bureau of Statistics (NBS) showed on Thursday. That helped a CSI300 sub-index tracking industrial firms rise 1.03%.
Tech shares also bounced from the previous day’s slump, with the ChiNext Composite index ending 1.7% higher. The STAR 50 index of companies on China’s tech-focused STAR Market jumped 2.48%.
The ChiNext board has rallied 2.16% this week on investor enthusiasm for relaxation of its listing and trading rules.
The largest percentage gainers in the main Shanghai Composite index were Whirlpool China Co Ltd, up 10.06%, followed by Shanghai Industrial Development Co Ltd, gaining 10.04% and Zhejiang Shapuaisi Pharmaceutical Co Ltd, up by 10.01%.
So far this year, the Shanghai stock index is up 9.8% and the CSI300 has risen 15.5%, while China’s H-share index listed in Hong Kong is down 8.8%. Shanghai stocks have risen 1.21% this month.—Reuters
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