Mainland stocks end higher on positive data
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.