Main­land stocks end higher on pos­i­tive data

Global Times US Edition - - BIZMARKETS -

Chi­nese main­land ma­jor stocks ended higher last Fri­day as mar­ket sen­ti­ment was bol­stered by pos­i­tive eco­nomic data and the coun­try’s de­ter­mi­na­tion to push for­ward sup­ply-side re­forms.

The blue-chip CSI300 in­dex edged up 0.26 per­cent, clos­ing at 3,721.89 points Fri­day. Mean­while, the Shang­hai Com­pos­ite In­dex gained 0.11 per­cent to 3,253.24 points.

For the past week, the bench­mark Shang­hai mar­ket, home to big-cap stocks, rose 0.47 per­cent, rep­re­sent­ing the sixth con­sec­u­tive week of gains, while blue chips lost 0.2 per­cent.

Last week, mar­ket in­vestors’ ap­petites were lifted as a re­sult of solid sec­ond-quar­ter eco­nomic data of the world’s sec­ond largest econ­omy.

Prof­its of in­dus­trial com­pa­nies main­tained steady growth in June with an in­crease of 19.1 per­cent year-on-year, of­fi­cial data showed.

The IMF has said that it ex­pects China’s GDP to record a stronger growth of 6.7 per­cent this year, higher than the of­fi­cial gov­ern­ment tar­get.

Chi­nese reg­u­la­tors have called for a fur­ther crack­down on spec­u­la­tive ac­tiv­i­ties in the fi­nan­cial mar­ket over re­cent months, which an­a­lysts said can en­sure the sta­bi­liza­tion of the stock mar­ket in the sec­ond half.

In­dus­try-lead­ing cycli­cal stocks, such as steel and coal, are ex­pected to con­tinue be­ing fa­vored by in­vestors as those sec­tors, seen as “safer bets,” will ben­e­fit most from the coun­try’s con­tin­u­ous pur­suit of sup­ply-side re­forms.

On Fri­day, non­fer­rous and con­sumer sec­tors were among the best per­form­ers, jump­ing up over 2 per­cent, data from Chi­nese fi­nan­cial in­for­ma­tion provider Wind In­for­ma­tion showed.

Tech-heavy start-up board ChiNext dipped 0.47 per­cent as in­vestors took prof­its af­ter the in­dex re­bounded nearly 4 per­cent last Thurs­day.

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