Positive data buoys Chinese stock markets

Yuan Luhang
Continued growth in industrial profits boosted Chinese mainland equities. Precious metals companies and jewellery makers were the day's biggest gainers.
Yuan Luhang

Chinese stocks edged higher on Monday amid positive economic data.

By the close of market hours, the Shanghai Composite Index had advanced 0.26 percent to 3,205.23 points, and the bluechip CSI300 index increased 0.51 percent to 4,528.45. The Shenzhen Component Index gained 0.32 percent to 12,976.87 points, and the tech-heavy ChiNext Composite Index was up 0.15 percent.

The new STAR 50 Index, which tracks the 50 biggest and most representative companies listed on the STAR Market, lost 1.06 percent.

Turnover on the two major bourses shrank to 927.2 billion yuan (US$132.16 billion). Chinese mainland markets saw a net inflow of 400 million yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong, after an outflow of 16.35 billion on Friday.

Leading the gains, precious metals and jewellery makers soared 7.22 percent and 5.14 percent on average, respectively.

Lao Feng Xiang Co Ltd and Shengda Resources Co Ltd both hit the daily limit of 10 percent. Chifeng Jilong Gold Mining Co Ltd surged by 9.99 percent.

The national defense sector, including the shipbuilding, aviation and space industries, suffered the biggest losses of the day.

China’s industrial profits rose for a second straight month in June and at the fastest pace in more than a year, signaling continued momentum in the country’s recovery from the COVID-19 crisis.

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