Shanghai shares rise as Chinese export data is supported

Shanghai shares edged up on Monday, with tourism and new energies leading the gains, as investors clung to weekend data that showed Chinese exports exceeded October forecast to generate a trade surplus record. The Shanghai Composite Index edged up 0.1% to 3,495.04 points, while the CSI300 index fell 0.1% to 4,840.14 points at the end of the morning session.

The Hang Seng index fell 0.6% to 24,728.63 points. The Hong Kong Chinese Business Index fell 0.5% to 8,774.76. ** China’s export growth slowed in October but exceeded expectations, aided by surging global demand ahead of the winter break, easing of the electricity crisis and improving supply chains that had been severely disrupted by the coronavirus pandemic.

** “Strong exports are helping to mitigate the weakening domestic economy, but we believe it is unlikely to reverse the trend. We continue to expect slower GDP growth in the fourth quarter “said Zhiwei Zhang, chief economist at Pinpoint Asset Management. ** Tourism stocks jumped more than 5% after Pfizer Inc (PFE.N) said its experimental antiviral pill to treat COVID-19 reduced the risk of hospitalization or death for adults by 89%. risk of serious illness.

** The development of antiviral drugs is one factor Beijing may consider to end its zero COVID strategy, analysts say, which would boost tourism. ** The new energy sub-index, the new energy vehicles sub-index and the environmental governance sub-index increased between 2.4% and 3.3%.

** China has “a long way to go” in terms of environmental protection, its State Council admitted on Sunday. ** The State Council said it would be difficult to tackle pollution and ensure that carbon emissions peak in 2030 and that carbon neutrality is achieved by 2060.

** Heavy losses among tech giants and healthcare stocks weighed on the Hang Seng Index. ** The Hang Seng Tech index fell 1.4% while the healthcare sub-index lost 3.6%.

** Cansino Biologics Inc, one of China’s COVID-19 vaccine makers, has fallen more than 15% thanks to Pfizer’s advances in coronavirus medicine.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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