Stocks rise on gains in industrial profits
Print Edition
SHARES in Shanghai closed slightly higher yesterday after data showed China’s industrial profits rose in April.
The Shanghai Composite Index gained 0.63 percent to 4,941.71 points.
China’s industrial profits gained 2.6 percent year on year to 479.5 billion yuan (US$77.3 billion) in April, data from the National Bureau of Statistics showed yesterday. The rise reversed the 0.4 percent drop in March.
In the first four months of this year, industrial profits shrank by 1.3 percent year on year to 1.73 trillion yuan, narrowing the 2.7 percent drop in the first quarter.
The improved industrial profits in April were mainly seen at state-owned enterprises while those of private enterprises grew moderately.
Nomura Securities said investment from the A-share rally was largely responsible for the rise in industrial profits last month. During the first four months, 30 of the 41 sectors surveyed reported year-on-year profit growth.
CITIC Heavy Industries Co, Zhejiang Dingli Machinery Co and Aerospace Communications Holdings Group Co all surged by the daily 10 percent limit to 26.96 yuan, 134.15 yuan and 23.98 yuan respectively.
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