BUSINESS Chinese stocks end higher on upbeat economic indicators


Chinese stocks end higher on upbeat economic indicators


16:52, July 31, 2020

BEIJING, July 31 (Xinhua) - Chinese shares closed higher Friday as freshly released indicators pointing to further economic recovery added to investor confidence.


(File photo: CFP)

The benchmark Shanghai Composite Index went up 0.71 percent to end at 3,310.01 points while the Shenzhen Component Index closed 1.27 percent higher at 13,637.88 points.

The combined turnover of stocks covered by the two indices expanded to nearly 1.15 trillion yuan (about 164.6 billion U.S. dollars) from 1.09 trillion yuan the previous trading day.

The gain came after the release of the official purchasing managers' index (PMI), a closely-watched indicator that measures factory and service sector activities.

The PMI for China's manufacturing sector rose to 51.1 in July from 50.9 in June, the fifth straight month it has remained in expansionary territory, the National Bureau of Statistics said Friday.

The PMI for China's non-manufacturing sector also stayed above the boom-bust line of 50 to stand at 54.2 in July, showing sustained recovery in the service sector.

Tourism-related industries were among the biggest winners Friday, with the shares of Tibet Tourism Co., Ltd. surging by the daily limit of 10 percent.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 1.89 percent to close at 2,795.4 points.  

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue