China stocks rise as industrial profits grow; energy, semiconductor shares lead gains

WuXi Biologics (Cayman)

27/05/2024 09:35

(Updates to the close)
       SHANGHAI, May 27 (Reuters) - 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 U.S. 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  .SSEC  was up 1.14% at 3,124.04 points. The blue-chip
CSI300 index  .CSI300  ended up 0.95% at 3,635.71 points.
    ** The CSI's financial sector sub-index  .CSI300FS  was up
1.06%, while coal stocks outperformed the markets, with a
sub-index tracking the sector  .CSI000820  gaining 2.15% at the
close.
    ** Shares in Chinese semiconductor companies soared, with
the CES CN Semiconductor Index  .CSI990001  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  .HIS  was up
218.41 points or 1.17% at 18,827.35. The Hang Seng China
Enterprises index  .HSCE  rose 1.25% to 6,688.13.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  led the gains by jumping 2.8%, while the IT sector
 .HSCIIT  rose 1.02%, the financial sector  .HSNF  ended 0.86%
higher and the property sector rose 0.12%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1%, while Japan's Nikkei index
 .N225  closed up 0.66%.
    ** The yuan  CNY=CFXS  was quoted at 7.245 per U.S. dollar
at 0808 GMT, 0.02% weaker than the previous close of 7.2435. 

 (Reporting by Shanghai Newsroom; Editing by Varun H K and Jan
Harvey)
 ((winni.zhou@thomsonreuters.com; +86 21 2083 0100; Reuters
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