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Shanghai stocks up on more optimistic investor sentiment
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SHANGHAI stocks closed higher today as investors turned optimistic amid higher expectation for stable economic growth in the second quarter.
The Shanghai Composite Index edged up 0.17 percent to close at 3,217.96 points. The gauge rose 0.8 percent for the week.
Investors’ appetite was lifted due to positive signal sent by China’s key economic data, which are set to be released starting next Monday. China’s economy is expected to remain “moderate growth” in the second quarter this year, analysts said.
“China’s economy is expected to remain a stable and moderate growth in the second quarter,” said Wang Hongju, a senior researcher at the China Academy of Social Sciences. “Investment in infrastructure sector grew higher than the market expectation.”
Zhu Qibing, chief analyst of BOC International China Ltd said GDP growth is expected to reach 6.8 percent in the second quarter, adding economic data such as PMI has an upward trend since April.
Brokerages, non-ferrous metals and coal producers are among the biggest gainers today, with Baiyin Nonferrous Group Co surged by the daily limit of 10 percent to 9.13 yuan (US$1.34), Shaanxi Coal Industry Co Ltd rose 4.95 percent to 8.48 yuan and Dongxing Securities Co Ltd climbed 3.32 percent to 17.76 yuan.
For the week, market sentiment was boosted by the PMI data and State Council’s guideline to encourage commercial pension funds to invest in the financial market.
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