Mainland stocks up on hopes for strong data

Source:Global Times Published: 2017/8/7 17:08:40

Chinese mainland major stocks reversed early losses and ended higher on Monday as investors bet on the upcoming strong economy data.

The benchmark Shanghai Composite Index closed up 0.53 percent at 3,279.46 points. The index lost 0.2 percent by the end of the morning session when losses in energy and utilities offset advances in technology firms.

Shenzhen's tech-heavy start-up board ChiNext notched a strong gain of 0.75 percent to 1,732.43 points.

The blue-chip CSI300 index slightly fell 0.1 percent during the early trading, but inched up 0.52 percent to end at 3,726.80 points.

The liquor sector is among the outperforming ones with an increase of 3.96 percent as market sentiment was lifted by the sector leaders' robust mid-year earnings forecast.

Some material firms also led the gains on Monday amid the country's building frenzy.

"A shares are in a period of stability, with the Shanghai index likely to fluctuate around the 3,300 level," said Zhang Gang, an analyst at Central China Securities in Shanghai, in a Reuters report.

Investors are awaiting a flurry of economy data in the coming two weeks. Analysts expect the data, starting with foreign exchange reserves data due on Monday, will point to a steady growth in China for the third quarter. 

That will likely encourage authorities to continue their crackdown upon the riskier types of financing which has periodically rattled the country's stock markets.

Posted in: MARKETS

blog comments powered by Disqus