Shanghai, Shenzhen Stocks End Higher on Lower Rates, PMI Uptick
Dou Shicong
DATE:  Jul 01 2020
/ SOURCE:  Yicai
Shanghai, Shenzhen Stocks End Higher on Lower Rates, PMI Uptick Shanghai, Shenzhen Stocks End Higher on Lower Rates, PMI Uptick

(Yicai Global) July 1 -- Shanghai and Shenzhen, the Chinese mainland’s two major stock markets, finished the day higher after the central bank cut refinancing and rediscount rates and a private gauge of factory activity rose to the highest this year.

The Shanghai Composite Index gained 1.38 percent to 3,025.98, a new high since March 6. The Shenzhen Component Index rose 1.01 percent to 12,112.96.

Stocks in most sectors closed up, including property developers, liquor makers, and financial companies. But tech shares were not so lucky, as medical companies, internet firms, and software developers retreated.

The People's Bank of China said yesterday that new lower relending rates, targeting agricultural and small firms, will come into effect today, while the Caixin purchasing managers’ index for manufacturing, released today, ticked up 0.5 point to 51.2 last month from May, eking out a second straight month of gains.

The ChiNext Price Index, which tracks growth enterprises in Shenzhen, slid 0.76 percent to 2,419.63.

Editor: Emmi Laine

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Keywords:   Shanghai Composite Index,Shenzhen Component Index,ChiNext Price Index