SHANGHAI :
China's Stock Markets Rebound After Low Start
Xu Wei
DATE:  Sep 18 2017
/ SOURCE:  Yicai
China's Stock Markets Rebound After Low Start China's Stock Markets Rebound After Low Start

(Yicai Global) Sept. 18 -- Although economic data China's central bank released was bleak, major stocks firmed up after opened down, with liquor, security stocks leading the charge, while steel and gold shares returned a lackluster performance.

At 10.22 a.m., the Shanghai Composite Index scaled up 0.52 percent to 3,371.22 points, following a fall of 0.03 percent at the opening.

The Shenzhen Component Index grew to 11,147.6 points, up 0.76 percent from opening down 0.01 percent.

The Growth Enterprise Index totted up 0.65 percent to 1,887.87 points, reversing its 0.06 percent dip at the opening bell.

China's Broad money supply (M2) grew 8.9 percent last month over the year before, the record low, the central bank's data showed Sept. 15.

Liquor stocks led the top gainers. Anhui Gujing Distillery Company Ltd. [SHE:000596] rose 4.58 percent to USD8 (CNY53.68), while Kweichow Moutai Co. [SHA:600519] went up 1.71 percent to CNY498.20, and Wuliangye Yibin Co. [SHE:000858] advanced to CNY56.13, up 2.18 percent.

First Capital Securities Co. [SHE:002797] denied JD Finance, an affiliate of JD.Com Inc. [NASDAQ:JD], was in talks to acquire it, but its stock still skyrocketed, invigorating the brokerage sector.

First Capital soared 6.89 percent, to CNY 12.56, Zheshang Securities Co. [SHA:601878] escalated 2.67 percent to CNY23.49, Huatai Securities Co. [SHA:601688] rose 1.95 percent to CNY22.96.

Lower gold prices dragged down the sector's shares. The London spot gold price fell to USD1,318.71 from USD1,357.67 on Sept. 8.

Western Region Gold Co. [SHA:601069] fell to CNY22.80, down 3.51 percent, Gansu Gangtai Holding (Group) Co. [SHA:600687] shed 1.30 percent, to CNY13.66, Zijin Mining Group Company Limited [SHA:601899] dropped 1.5 percent, to CNY3.95.

 

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Keywords:   MSCI,Shenzhen Component Index,Growth Enterprise Index,A-Shares