Economic data lifts Chinese stock markets
Chinese stocks climbed on Friday amid positive economy data.
For the month, the Shanghai Composite Index was up nearly 11 percent, the Shenzhen Component Index increased almost 14 percent and the ChiNext Composite Index gained 15 percent.
On the day, the Shanghai Composite was up 0.71 percent to 3,310.01 points. The smaller Shenzhen Component gained 1.27 percent.
The bluechip CSI300 was 0.84 percent higher. Meanwhile, the tech-heavy startup board ChiNext Composite Index jumped 1.89 percent.
The STAR 50 Index, which tracks the 50 biggest and most representative companies listed on the STAR Market for more than six months, surged 2.73 percent.
Turnover on the two major bourses reached 1.1 trillion yuan (US$155.4 billion). Chinese mainland markets saw a net inflow of 350 million yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.
Most sectors gained, with gainers outnumbering losers by 1,112 to 498 on the Shanghai bourse and 1,632 to 542 in Shenzhen.
Leading the gains, precious metals and medical shares surged 3.15 percent and 2.8 percent, on average, respectively.
National defense, including shipbuilding and aviation, suffered the biggest loss of the day.
China’s official Purchasing Manager's Index, the country's main gauge of factory activity, rose to 51.1 in July, the highest reading since March and indicating steady recovery of the national economy.
China Merchants Securities said: “China’s recovery momentum will continue in the second half of the year, and sectors with low valuation are expected to gain.”