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January 22, 2019

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Stocks rise on positive economic data

Shanghai shares rose yesterday, boosted by positive economic data. The Shanghai Composite Index edged up 0.56 percent to close at 2,610.51 points.

Shares of consumer enterprises, oil companies and telecommunications companies led the gains.

The telecommunications sector jumped 1.8 percent and the consumer sector 1.65 percent, according to Chinese financial data provider Wind Information Co.

Economic data released yesterday, including on property investment and disposable income, pointed to a stable economic outlook this year.

Investor sentiment was lifted after Ning Jizhe, vice director of the National Development and Reform Commission, said yesterday China could confidently expect reasonable growth and a healthy economy this year.

Cheng Shi, chief economist at ICBC International, said that a number of policies to support China’s economic growth are likely to be implemented this year.

Wuhan Bester Group Telecom Co rose 7.04 percent to 30.42 yuan (US$4.48) and China Hainan Rubber Industry Group Co added 5.23 percent to 4.83 yuan.




 

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