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January 4, 2017

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Positive economic figures spur Shanghai stocks to rise over 1%

SHANGHAI stocks gained over 1 percent on the first trading day of the new year yesterday on positive economic data and strong performance of heavyweights.

The Shanghai Composite Index added 1.04 percent to end at 3,135.92 points.

The Caixin General China Manufacturing Purchasing Managers’ Index, a private gauge of China’s manufacturing activity, hit the highest level of 51.9 points in 47 months in December.

Investor’ sentiment was also buoyant following an official factory survey released over the weekend, which showed expansion for the fifth month in December although it dipped 0.3 points from a month earlier.

Brokerages also lifted the index, with Guoyuan Securities rising 2.51 percent to 20.40 yuan (US$2.94) and Industrial Securities adding 1.44 percent to 7.76 yuan.

Beijing Shougang Co rose 4.98 percent to 6.95 yuan.

“Major concerns such as lack of liquidity and capital shortage have eased but generally the market sentiment is still cautious while investors wait for the economic data for the past year to be released later this month,” Shenyin Wanguo Securities’ chief strategist Qian Qimin wrote in a note.


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