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November 23, 2017

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Stocks rise on earnings outlook

SHANGHAI shares rebounded in the afternoon session yesterday after falling below 3,410 points, led by aerospace and aviation counters on expectation that their earnings would further improve.

The Shanghai Composite Index rose 0.59 percent to 3,430.46 points, with financial shares also being among the gainers.

Both Aerospace Communications Holdings Group Co and Aerospace Hi-Tech Holding Group Co surged by the daily limit of 10 percent.

Banks also gained, with Everbright Bank adding 2.92 percent to 4.23 yuan and China Minsheng Banking Co rising 4.98 percent to 9.07 yuan.

Circuit and electronic chip makers also rose on optimism of further government support. Hangzhou Silan Microelectronics Co added 5.39 percent to 11.73 yuan and Jiangsu Zongyi Co jumped 5.62 percent to 7.70 yuan.


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