Strong day for stocks despite poor data
Print Edition
SHANGHAI stocks rose yesterday after China’s top securities regulator denied media reports it was suspending cross-sector investments in certain industries, and despite disappointing April economic data pointing to fading growth momentum.
The benchmark Shanghai Composite Index ended up 0.8 percent at 2,850.86 points.
Shares related to online finance, gaming, film and virtual reality were among the best performers after the China Securities Regulatory Commission denied rumors saying it would no longer approve private share placements by public companies for investments in the four sectors.
The regulator said there were no changes in policies regarding additional fundraising and mergers and acquisitions.
Gold stocks also gained as bullion prices climbed on speculation the United States Federal Reserve will take a slow approach to raising interest rates. Shandong Gold Mining Co added 3.6 percent to 32.62 yuan (US$5), while Chifeng Jilong Gold Mining Co rose 4.4 percent to 17.29 yuan.
The market was also buoyed by growing expectations for the inclusion of A shares into MSCI’s widely traded emerging market index. Citibank said in a note yesterday that MSCI is expected to say yes to the inclusion of A shares in June.
However, analysts remained bearish on the market outlook against the backdrop of weak economic growth.
“The overall environment is still weak due to tepid trading activity. Bound-trading around the 3,000-point level is likely to continue in the short term,” said Shenwan Hongyuan Securities.
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