Index up on better economic outlook
Print Edition
SHANGHAI stocks yesterday closed at their highest in nearly two months amid optimism over China’s economic outlook after the release of positive data last week.
The Shanghai Composite Index rose 2.4 percent, the biggest daily gain since July 11, to 2,101.28 points, the highest close since June 19.
“The market is rebounding on an improving economic environment as indicated by the latest stronger-than-expected data,” said Chen Wenzhao, analyst with China Merchants Securities.
China’s industrial production rose 9.7 percent year on year in July, accelerating from the pace of 8.9 percent in June while fixed-asset investment jumped 20.1 percent in the first seven months, unchanged from the rate in the first half.
Trade also rebounded robustly, with exports and imports reversing from declines in June and beating market estimates, cementing a view that growth of the world’s second largest economy is stabilizing.
Coal producers led the gainers, with Wintime Energy Co surging by the daily limit of 10 percent to 7.25 yuan (US$1.18). Shanxi Lu’an Environmental Energy Development Co also leapt 10 percent to 13.88 yuan. China Shenhua Energy Co, the nation’s biggest coal producer, rose 6.1 percent to 17.14 yuan.
“A recovering economy, especially in terms of manufacturing and real estate investment, gave rise to optimism that demand for coal will improve in the following two quarters and that restocking in the sector will accelerate,” Liu Zhaoliang, analyst with Qilu Securities, said in a note yesterday.
Hua Xia Bank rose 2.8 percent to 6.89 yuan after reporting a 20 percent gain in net profit in the first half of the year. The Industrial Bank jumped 6.2 percent to 9.88 yuan.
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