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January 10, 2017

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Stocks rise to 1-month high on data hopes

SHANGHAI shares rose to a one-month high yesterday, lifted by blue-chip stocks on optimism over upcoming economic data this week.

The Shanghai Composite Index rose 0.54 percent to 3,171.24 points, its highest close since December 9.

The gauge has moved higher since the start of the year, with the index yesterday adding to last week’s 1.6 percent increase.

Cheng Jiawei, an analyst for Guotai Junan Securities International, said one factor was a stronger-than-expected industrial growth and the rebound of the yuan against the US dollar.

China Shipbuilding Industry Corp, one of the country’s two largest shipbuilders, gained 4.3 percent to 7.76 yuan (US$1.12) while China Eastern Airlines rose 2.63 percent to 7.42 yuan.

Investors’ focus this week will be on China’s economic data, including consumer prices and money supply figures today and trade numbers on Friday. They will also keep an eye on a “general news conference” by US President-elect Donald Trump tomorrow in New York.

Analysts also expect profit-taking ahead of Trump’s inauguration on January 20 and the coming weeklong Lunar New Year holiday from January 27.


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