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May 16, 2019

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Shares surge amid hopes of stimulus

Chinese shares surged yesterday as China’s weak April industrial output and retail sales data increase the likelihood of further stimulus.

Worries over further escalation in trade friction were also eased after US President Donald Trump cited the trade war with China as “a little squabble” and insisted talks between the world’s two largest economies had not broken down.

At close, the benchmark Shanghai Composite Index finished 1.91 percent higher to end at 2,938.68 points. The Shenzhen Component Index added 2.44 percent to close at 9,259.03 points, while the CSI300 index rose 2.25 percent to 3,727.09 points.

Turnover on the two major bourses totaled 512.7 billion yuan (US$74.55 billion), compared with 455.5 billion yuan in the previous trading session.

All industry sectors posted gains.

Shares of liquor, substitute meat and fuel cell led the gains. Shares of Luzhou Laojiao and Yan Tai Shuang Ta Food Co all jumped by the daily cap of 10 percent.


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