Shares rise on China鈥檚 economic data
Print Edition
SHANGHAI stocks closed higher yesterday as China’s economic data gave investors something to smile about.
The Shanghai Composite Index added 0.3 percent to 5,121.59 points.
Bohai Securities said economic data in May had indicated a rebound in the economy as seen in the manufacturing and property sectors.
Investment in the property sector rose 5.1 percent year on year to 3.23 trillion yuan (US$520 billion) in the first five months of this year, the National Bureau of Statistics said yesterday. In the period, investment in residential development gained 2.9 percent to 2.16 trillion yuan.
Shanghai Pudong Road & Bridge Construction Co rallied by the daily 10 percent limit to 24.83 yuan, as did Sichuan Guodong Construction Co to 11.87 yuan. Shanghai Trendzone Construction Decoration Group Co rose 8.22 percent to 63.88 yuan.
Meanwhile, China’s foreign direct investment jumped 10.5 percent year on year to 330.95 billion yuan from January to May, the Ministry of Commerce said yesterday.
Trade companies rose, with Guangdong Mingzhu Group Co surging 9.9 percent to 24.44 yuan while Shanghai Material Trading Co rallied 4.70 percent to 20.06 yuan and Orient International Enterprise jumped 4.67 percent to 28.04 yuan.
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