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November 22, 2017

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Blue-chip gains help shares end higher

SHANGHAI stocks rose yesterday on gains made by blue-chips and investors were cheered that state-owned enterprises’ revenue and profit grew steadily and also on the Chinese central bank boosting liquidity in the financial market.

The Shanghai Composite Index edged up 0.53 percent to close at 3,410.50 points.

China's blue-chip index ended at a fresh 28-month high yesterday, bolstered by robust gains in brokerage firms according to Reuters. The blue-chip CSI300 index rose 1.8 percent, with its financial sector sub-index higher by 2.3 percent and the real estate index up 5 percent, according to Reuters.

Investors turned optimistic after the Ministry of Finance said Chinese SOEs posted steady growth in revenue and profit in the first 10 months of the year.

Their revenue was 42 trillion yuan (US$6.3 trillion) from January to October, up 15.4 percent year on year. Their profit jumped 24.6 percent annually to 2.39 trillion yuan, data published on the official website of the Ministry of Finance showed yesterday.

Sentiment rose after the People’s Bank of China injected a net liquidity of 180 billion yuan into the financial market via reverse repurchase agreements, it said on its official website.

CITIC Securities Co Ltd added 8.4 percent to 19.22 yuan and Qingdao Haier Co Ltd rose 6.25 percent to 20.24 yuan.


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