SHANGHAI: Mainland China and Hong Kong shares ended higher on Monday, led by energy and semiconductor stocks, while investor sentiment was lifted by growing industrial profits in April.
Profits at China’s industrial firms swung back into positive territory in April while growth over the first four months held steady, official data showed on Monday, suggesting policies to bolster the economy were starting to take effect.
Investors will closely monitor economic data at both home and from abroad this week, including China’s May manufacturing data and the US core personal consumption expenditures price index, for more clues on the market’s trajectory.
At the close of trade, China’s main Shanghai Composite index was up 1.14% at 3,124.04 points. The blue-chip CSI300 index ended up 0.95% at 3,635.71 points.
The CSI’s financial sector sub-index was up 1.06%, while coal stocks outperformed the markets, with a sub-index tracking the sector gaining 2.15% at the close.
Shares in Chinese semiconductor companies soared, with the CES CN Semiconductor Index advancing 3.3%, after China set up its third planned state-backed investment fund to boost its semiconductor industry.
In Hong Kong, the benchmark Hang Seng index was up 218.41 points or 1.17% at 18,827.35. The Hang Seng China Enterprises index rose 1.25% to 6,688.13.
Comments
Comments are closed.