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April 28, 2017

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Profit news lifts shares

SHANGHAI shares yesterday rose for the third straight day as investor sentiment was lifted by news that profits of industrial companies surged over 28 percent in the first quarter.

The Shanghai Composite Index added 0.36 percent to 3,152.19 points.

China’s industrial companies earned 1.7 trillion yuan (US$247 billion) in profits in the first three months, the National Bureau of Statistics said.

Fan Yifei, deputy governor of the People’s Bank of China, said yesterday that the Chinese government will continue to take comprehensive measures to prevent systemic risks and will help nurture new growth drivers for the economy.


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