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Chinese stocks gain 1%

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Chinese stocks started the week on a firm note amid steady risk appetite. The benchmark Shanghai Composite Index soared 1% to 3,084.93 as a bounce above 3000 mark stayed in place. Sentiments were also perked up after China’s top securities regulator released four policy documents at a briefing on Friday aimed at further strengthening market supervision, bolstering the integrity of listed entities and protecting the interests of investors.

On the economic front, China industrial production grew in the January to February period, data released by the National Bureau of Statistics revealed Monday. Industrial output posted an increase of 7.0 percent in the January to February period, faster than the 6.8 percent rise in December. China’s retail sales increased 5.5 percent in the January to February period from the previous year. This was the slower the 7.4 percent increase in December.

China’s fixed-asset investment grew by 4.2% year-on-year in Jan-Feb 2024. The secondary sector saw accelerated growth, led by electricity, heat, gas, and water, and mining. Tertiary sector investment also rose significantly, driven by railway and road transportation, and water conservancy management. However, investment in the primary sector declined sharply. Real estate investment contracted by 9.4%, an improvement from the previous period’s 9.6% decline.

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First Published: Mar 18 2024 | 6:21 PM IST

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