Stocks rise on positive data

Hu Yumo
Shanghai stocks rose on Thursday as market sentiment was lifted by positive economic data. 
Hu Yumo

Shanghai stocks rose on Thursday as market sentiment was lifted by positive economic data. 

The Shanghai Composite Index gained 0.69 percent to close at 2,996.79 points.

Shares of consumer enterprises, telecommunications firms and electronics manufacturing enterprises were among the biggest gainers today.

Investors turned optimistic after profits for China's industrial companies rose 1.1 percent in May from a year earlier to 565.6 billion yuan (US$82.25 billion) after a 3.7 percent fall in April, bucking a months-long downtrend, according to data from the National Bureau of Statistics released on Thursday. 

In May, profits in high-tech manufacturing and strategic emerging industries turned positive after declining last month, data from the NBS showed.

Bomin Electronics Co Ltd jumped 6.57 percent to 14.27 yuan (US$2.08) and liquor firm Kweichow Moutai Co Ltd added 1.68 percent to 996.35 yuan.


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