Mainland stocks rise slightly; disappointing trade figures give limited impact

Source:Global Times Published: 2017/8/8 17:53:40

Chinese mainland stocks rose slightly on Tuesday, after the country released lower-than-expected July trade data.

The benchmark Shanghai Composite Index closed at 3,281.87 points with a modest gain of 0.07 percent after shedding 0.2 percent at the end of the morning session.

The blue-chip CSI300 index, which tracks large companies listed on the Shanghai and Shenzhen bourses, was also down 0.2 percent during the early trading, pulled down by weakness in the commodities and financial sectors. The index gained 0.15 percent to 3,732.21 points at the end of the trading.

China reported that exports and imports in July both grew slower than expected, raising concerns over whether the global demand is starting to cool down. However, analysts think the data's impact on Chinese stocks was limited and the overall Chinese macroeconomy is still doing well.

"Unless something unexpected happens, it's possible that when this adjustment period is over, the market will return to an upward trajectory," Li Zheming of Datong Securities said in a Reuters report.

Xiongan-themed stocks led the gains with an increase of up to 1.68 percent as news circulated late Monday that a construction and investment company has been set up to raise funds for the new economic area in North China via Public-Private Partnership schemes.

Posted in: MARKETS

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