BUSINESS Chinese shares close higher on listed firms' H1 growth reports

BUSINESS

Chinese shares close higher on listed firms' H1 growth reports

Xinhua

19:04, September 02, 2019

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File photo: VCG

BEIJING, Sept. 2 (Xinhua) -- China's major stock indices shrugged off trade dispute concerns and closed higher Monday as steady financial performances of the country's listed firms buoyed up investors' optimism for the economy.

The benchmark Shanghai Composite Index gained 1.31 percent to close at 2,924.11 points, while the Shenzhen Component Index closed 2.18 percent higher at 9,569.47 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, rose 2.57 percent to close at 1,652.29 points.

The combined turnover of stocks in the two stock exchanges stood at 553.3 billion yuan (about 77.18 billion U.S. dollars), shrinking from 554.7 billion yuan the previous trading day.

Shares related to software, intellectual property and internet finance led Monday's gains.

The stock market rally came after the country's listed firms finished disclosing their financial performances in the first half (H1) of this year.

Firms listed on the main board of the Shanghai Stock Exchange and the Shenzhen Stock Exchange saw their total H1 revenue up 10 percent and 9.36 percent year on year, respectively.

The State Council's financial stability and development committee held a meeting Saturday, planning to deepen financial market reforms to create a favorable environment for more long-term capital to invest in the stock market.

More counter-cyclical adjustment will be introduced in the country's macroeconomic policies while the monetary policy's transmission efficiency will be further improved, the meeting said. 

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