Shanghai shares rise after blue-chips gain
Shanghai stocks rose today on gains made by blue-chips as investors were cheered that state-owned enterprises' revenue and profit grew steadily and also on the Chinese central bank boosting liquidity in the financial market.
The Shanghai Composite Index edged up 0.53 percent to close at 3,410.50 points.
China's blue-chip index ended at a fresh 28-month high today, bolstered by robust gains in brokerage firms according to Reuters. The blue-chip CSI300 index rose 1.8 percent, with its financial sector sub-index higher by 2.3 percent and the real estate index up 5 percent, according to Reuters.
Investors turned optimistic after the Ministry of Finance said Chinese SOEs posted steady growth in revenue and profit in the first 10 months of the year.
Their revenue reached 42 trillion yuan (US$6.3 trillion) from January to October, up 15.4 percent year on year. Their profit jumped 24.6 percent year on year to 2.39 trillion yuan in January to October, according to the data published on the official website of the Ministry of Finance today.
Investors were also buoyed as the People's Bank of China injected a net liquidity of 180 billion yuan into the financial market via reverse repurchase agreements today, the central bank said on its official website.
Citic Securities Co Ltd jumped 8.4 percent to 19.22 yuan , Qingdao Haier Co Ltd rose 6.25 percent to 20.24 yuan, and Huata Securities Co Ltd added 5.72 percent to 20.14 yuan.