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Shanghai Shares end higher today
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SHANGHAI stocks ended higher today as market sentiment was lifted by positive economic data and investment of pension funds.
The Shanghai Composite Index edged up 0.11 percent to close at 3,253.24 points. The gauge rose 0.47 percent for this week, representing the market’s sixth consecutive week of gains.
Investors became optimistic after the Ministry of Human Resources and Social Security said today that 172.15 billion yuan (US$25.5 billion) of pension funds have started to be invested into the market.
“The ministry is going to actively promote the investment and operation of pension funds,” said Lu Aihong, spokesman for the Ministry of Human Resources and Social Security.
Non-ferrous metal producers, consumer shares, and iron and steel companies are among the biggest gainers today. Non-ferrous metals and consumer sectors jumped more than 2 percent, according to data from Wind Information, a Chinese financial information provider.
For the week, investors’ appetites were lifted due to a positive signal sent by China’s economic data.
Profits of industrial enterprises maintained steady growth in June, with an increase of 19.1 percent year-on-year, up 2.4 and 5.1 percentage points from May and April respectively, according to the data released by the National Bureau of Statistics.
Data from the bureau showed 38 of 41 industries surveyed reported a growth in terms of profits, led by coal and metal industries.
“With the deepening supply-side structural reform this year, the relationship between supply and demand has been improved, we saw an increase in industrial product prices and industrial companies’ operating conditions,” said Xing Zhihong, spokesperson of the National Bureau of Statistics during the State Council’s press conference today.
Xining Special Steel Co Ltd jumped 9.99 percent to 7.82 yuan (US$1.16) and Rising Nonferrous Metals Share Co Ltd added 4.54 percent to 50.67 yuan.
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