Shares closed slightly higher today

The Shanghai Composite Index edged up 0.06 percent to close at 3,249.78 points.The start-up board ChiNext,the NASDAQ-style board of growth enterprises, surged the most in a year. 

Shares edged up yesterday as investors were buoyed by China’s positive economic data.

The Shanghai Composite Index added 0.06 percent to close at 3,249.78 points.

Shanghai shares closed up as investors were lifted by data showing profits of major Chinese industrial firms continued to grow in June, up 19.1 percent year on year. The growth pace was 2.4 percentage points faster than in May, the National Bureau of Statistics said yesterday.

Shanghai Shibei Hi-Tech Co surged by the daily limit of 10 percent to 6.93 yuan and Hundsun Technologies Inc added 7.06 percent to close at 43.37 yuan.

The start-up board ChiNext,the NASDAQ-style board of growth enterprises in Shenzhen, surged the most in a year by 3.6 percent to close at 1,742.19 points.

“The ChiNext board jumped sharply as China’s State Council issued a plan to further promote the development of startups. The plan envisaged the government to provide funds to support the development of high-tech middle and small-sized enterprises,” said Qin Hong, an analyst at Jinbailing Investment Consulting Co.

Wonders Information Co surged by the daily limit of 10 percent to close at 13.48 yuan (US$2) as did Hangzhou Century Co to 12.96 yuan.


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