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Chinese shares rebound Tuesday
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  • http://english.dbw.cn  2017-07-19 09:44:49
     

    Chinese shares rebounded Tuesday after major losses Monday, as investors took in the latest positive economic indicators.

    The benchmark Shanghai Composite Index rose 0.35 percent to close at 3,187.57, compared with a drop of 1.43 percent Monday.

    The Shenzhen Component Index rose 0.48 percent to 10,103.76, reversing a 3.57-percent dive Monday.

    The ChiNext Index, China's NASDAQ-style board, gained 0.67 percent to close at 1,667.49. The index plunged 5.11 percent Monday, the lowest level since Jan. 19, 2015.

    Sharp declines Monday followed the closing of a key meeting on the country's financial work, which emphasized the importance of guarding against systemic financial risks, and deleveraging the economy.

    The National Bureau of Statistics announced Monday that China's GDP expanded by 6.9 percent in Q2, beating previous market expectations of 6.8 percent, well above the government's annual target of around 6.5 percent.

    Li Daxiao, economist with Shenzhen-based Yingda Securities, said the strong economy would help push up corporate performance and play an important role in stabilizing the stock market.

    On Tuesday, the positive effects of encouraging economic data trickled in.

    The coal mining sector saw the strongest gains Tuesday, with the sub-index up 2.69 percent. Shanxi Coal International Energy Group surged by the daily limit of 10 percent.

    Performances of market heavyweights were divided.

    China State Construction Engineering Corporation rose 4.93 percent. Poly Real Estate, a large property developer in China, rose 2.16 percent. Kweichow Moutai, a Chinese liquor brand, gained 0.55 percent.

    On the flip side, PetroChina, the largest oil and gas producer in China, dropped 0.86 percent. The Industrial and Commercial Bank of China, the country's biggest commercial bank, dropped 1.12 percent.

    Author:    Source:xinhua    Editor:Yang Fan

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