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November 1, 2018

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Shanghai shares rise on profits, jobs figures

By Hu Yumo | 00:01 UTC+8 November 1, 2018 | Print Edition

SHANGHAI stocks closed higher yesterday, lifted by positive economic data and better-than-expected third-quarter earnings reports by listed companies.

The Shanghai Composite Index rose 1.35 percent to close at 2,602.78 points. But the index dropped 7.75 percent over the month.

Shares of consumer enterprises, non-ferrous metal producers and infrastructure firms were among the biggest gainers yesterday. The consumer sector added 2.55 percent; non-ferrous metal companies rose 2.41 percent.

Market sentiment was boosted after the Ministry of Human Resources and Social Security said yesterday that the urban unemployment rate hit 3.82 percent at the end of September.

Investors were also buoyed after third-quarter financial reports showed listed companies posted solid profit growth.

“About 3,564 Shanghai-listed and Shenzhen-listed companies have released third-quarter financial reports, with combined net profit rising 10.61 percent from a year earlier,” Shanghai Securities News said.

Infrastructure materials, consumer and iron and steel companies posted strong profit growth.

Shares of these sectors performed well yesterday. Anhui Yingjia Distillery Co jumped 8.21 percent to 14.10 yuan (US$2.01) and Anhui Conch Cement Co added 6.27 percent to 32.73 yuan.

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