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Tech and health-care firms help shares rise
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SHANGHAI shares rose yesterday for the fifth time in six days as investors bought technology and health-care companies amid China’s transition to a consumer-driven economy.
The Shanghai Composite Index closed 0.3 percent higher at 3,650.25 points.
Inspur Software Co jumped 8.9 percent to 29.76 yuan (US$4.67), and Jiangsu Hengrui Medicine Co surged 4.9 percent to 51.33 yuan.
Retail sales in China rose 11 percent year on year in October, higher than September’s 10.9 percent growth, data from National Bureau of Statistics showed yesterday.
“The retail sales data were a positive boost to sentiment,” Ronald Wan, chief executive at Partners Capital International, told Bloomberg News. “Targeted measures as well as the holiday effect helped with consumption last month. A transition towards a consumer-driven economy is taking place, albeit at a slow pace.”
The Shanghai index has rallied 25 percent since its August low.
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