Stocks end higher, boosted by financial counters and a six-month high for PMI

Huang Yixuan
The positive PMI data suggest China's economic growth seen as stable in the long term
Huang Yixuan

Shanghai stocks edged up today, lifted by financial shares and also on hopes for sustainable economic growth as the Caixin China General PMI hit a six-month high.

The Shanghai Composite Index rose by 0.14 percent to close at 3,384.32 points.

Caixin China's Purchasing Managers' Index grew 0.5 percent to notch a six-month high of 52.4 points — an indication of a stable upward trend for the economy, which should encourage investments.

"Judging from the fundamentals, the overall economic growth is robust at present, with the rise being better than expected and the liquidity environment improved," China International Capital Corporation Limited wrote in a note. "Despite the possible volatility of the short-term market, the long-term trend for growth will remain."

Banks were among the biggest gainers. The Agricultural Bank of China Ltd advanced 2.67 percent to 3.85 yuan, and China Construction Bank Corporation added 2.62 percent to end at 7.06 yuan.

Non-bank financial shares also gained, with China Pacific Insurance Group Co Ltd rising by 4.67 percent to 39.65 yuan and Ping An Insurance Group Co of China Ltd addind 2.07 percent to 56.29 yuan.

Transport companies also rose, with Zhangjiagang Freetrade Sci & Tech Co Ltd and Eternal Asia Supply Chain Management Ltd both surging by the daily limit of 10 percent.

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