Asia
Tech Rally, Expanding Current Account Surplus Lift China Shares Higher; China Merchants Energy Shipping Jumps 5%
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.
Shanghai Composite^SZSESHA:000688SHA:601872
