Chinese stocks closed with growth amid improved global sentiment; watching GDP

US, WASHINGTON (ORDO NEWS) — Chinese stocks closed positive on Thursday as global investor sentiment improved, but growth was modest ahead of quarterly GDP data, which is expected to show a contraction in the economy for the first time in nearly 30 years.

The Shanghai Composite Index rose 0.31% to 2.819.94 points, while the CSI300 Blue Chip Index added 0.13% to 3.802.38 points.

The financial sector subindex climbed 0.09%, the consumer goods sector slowed 0.34%, the real estate index rose 0.42%, and the health sector grew 0.38%.

The ChiNext Composite startup index rose 1.56%.

The rise was led by shares of Datang HuaYin Electric Power Co Ltd, Henan Pinggao Electric Co Ltd and Hylink Digital Solution Co Ltd, which rose 10.08%, 10.02% and 10.02% respectively.

The biggest losers were Jiangsu Sanfangxiang Industry Co Ltd, Yongyue Science & Technology Co Ltd and Beijing Aerospace Changfeng Co Ltd, which lost 9.89%, 8.03% and 6.84% respectively.

The Hong Kong index fell 0.6% to 24.006.45 points, while the Hang Seng China Enterprises index dropped 0.54% to 9.672.6 points.

China is expected to release its first-quarter GDP data at 05:00 Moscow time on Friday.

“Despite the fact that the market already expects a shock from economic activity in the first quarter, the complex reality of the company’s activities will nevertheless put pressure on stock prices,” Everbright Securities analysts write.

But Alex Wong of Amplify Finance in Hong Kong said investors are less concerned about China’s GDP data than whether the epidemic will be controlled globally, which explains why A-shares rose after US futures in the afternoon.


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