Shares rise as investors buoyed by data
Print Edition
SHANGHAI stocks gained yesterday as investors were buoyed by latest data showing a rebound in China’s economy and by indications of a better earnings outlook for companies.
The Shanghai Composite rose 1.45 percent to close at 3,053.07 points.
Latest data signaled an across-the-board rebound in the world’s second-largest economy when China’s manufacturing sector expanded for the first time in eight months in March while the growth in the non-manufacturing sector accelerated.
“The improvement in economic indicators, rising property prices, and the US Federal Reserve’s dovish stance have helped increase overseas investors’ risk appetite for A shares and attract foreign capital to the A-share market,” Gao Ting, head of China strategist at UBS Securities, said in a note yesterday.
Profits of China’s large industrial companies also grew year on year in the first two months of 2016, reversing a downward trend last year. Gao said A-share non-financial companies’ earnings could grow in the first quarter of this year.
Brokerages gained after Charles Li, chief executive officer of the Hong Kong Exchanges & Clearing Ltd, told a forum yesterday that a trading link between Shenzhen and Hong Kong has been technically ready.
Dongxing Securities jumped 4 percent to close at 27.19 yuan (US$4.20), and Founder Securities climbed 2.3 percent to finish at 8.03 yuan.
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