Economic data, auto show give boost to Chinese stocks

Hu Yumo
The Shanghai Composite Index gained 0.44 percent on the day to close at 3,377.73 points. For the week, the benchmark was up 2.04 percent amid rosy October indicators.
Hu Yumo

Chinese stocks rose on Friday, led by the automobile and consumer sectors.

The Shanghai Composite Index gained 0.44 percent on the day to close at 3,377.73 points. For the week, the benchmark was up 2.04 percent amid positive October economic data. The smaller Shenzhen Component Index jumped 0.54 percent to finish at 13,852.42 points.

Combined turnover on the two bourses came to 751 billion yuan (US$114.2 billion), compared with 774.3 billion yuan in the previous session.

Market sentiment improved after the opening of the 18th Guangzhou International Automobile Exhibition, which runs from Friday to November 29.

A total of 56 listed firms posted gains of more than 9 percent, while 8 declined by over 9 percent.

Guotai Junan Securities said that market sentiment has picked up significantly and the index is expected to continue its upward trend in the short term. It suggests investors pay attention to sectors including new-energy vehicles, home appliances and photovoltaics.

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