FINWIRES · TerminalLIVE
FINWIRES

Tech Rally, Expanding Current Account Surplus Lift China Shares Higher; China Merchants Energy Shipping Jumps 5%

By

Chinese shares rose on Monday, supported by a rally in technology shares and amid expanding current account surplus and industrial production growth.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 1.4% to 3,982.65. The Shenzhen Component Index went up 2.4% to 14,704.27.

Tech stocks led the advance, with the SSE STAR 50 Index (SHA:000688), the benchmark for the 50 largest science and technology companies on the Shanghai bourse, jumping 4.1%.

Also boosting investor sentiment was China's current account surplus widening to $195.1 billion in the second quarter, higher than $184.3 billion in Q1.

The country likewise saw a 4.5% year-over-year growth in industrial production in July. However, the reading was lower than the 5.3% expansion recorded in the previous month and missed the consensus forecast of 5% growth tracked by Investing.com.

In company news, China Merchants Energy Shipping (SHA:601872) signed long-term charter agreements for five 84,500-deadweight-tonnage newbuild multipurpose vessels, comprising three from CMB Financial Leasing and two from China Merchants Leasing. Shares of the fleet operator closed 5% higher Monday.

Related Articles

Asia

Dreadnought Resources Says Rock Chip Sampling Confirms High-Grade Tungsten at Western Australia Projects

Dreadnought Resources (ASX:DRE) said rock chip sampling at both the Mangaroon and Mangaroon South projects in Western Australia confirmed high-grade tungsten, according to a Monday Australian bourse filing.At Mangaroon, rock chip sampling at the Nina target resulted in samples of 6.5% tungsten trioxide and 3.3% tungsten trioxide. The Mulka Well prospect at Mangaroon South confirmed scheelite mineralisation with significant rock chip results including 1.9% tungsten trioxide and 1.4% tungsten trioxide.Drilling at Nina is planned for the end of 2026 or the start of 2027. Systematic sampling and mapping of the Mangaroon South prospects will begin in September.

ASX:DRE
Asia

Fubon Financial Commits Up To $200 Million Investment in StepStone VC Secondaries Fund VII; Shares Down 4%

Fubon Financial Holding (TPE:2881), through its subsidiary Fubon Life Insurance, has committed up to $200 million to Brookfield Infrastructure Fund VI-A, according to a Friday filing to the Taiwan stock exchange.The transaction is with Brookfield Asset Management Private Institutional Capital Adviser (Canada), which is not a related party.The company's shares were down over 4% in Monday's trade.The transaction, approved by the board of directors, represents an estimated 0.67% holding in the fund, the filing showed.

TPE:2881
Asia

Metrocon Holdings Posts MYR2.6 Million Loss for H1

Metrocon Holdings (SGX:WYO), formerly known as Hatten Land, posted an attributable loss of 2.58 million ringgit, or 0.0014 ringgit per share, for the six months ended June 30, according to a Friday filing with the Singapore Exchange.For the 12 months ended June 30, the company reported an attributable loss of 45.5 million ringgit, or 0.0245 ringgit per share.The results relate to Hatten Land, following its reverse takeover of Metrocon, after which Hatten Land changed its name to Metrocon Holdings and its financial year-end to Dec. 31 from June 30.The group's financial statements do not include Metrocon Pte. Ltd., as the acquisition was completed on July 31, after the reporting date.

SGX:WYO