China Shares Edge Higher as Private Sector Activity Expands; Wangbian Electric Jumps 7%
Chinese shares closed higher on Thursday amid signals of resilient growth in the country's private sector.The Shanghai Composite Index, the main gauge of Chinese stocks, inched up 0.70 of a point to 3,942.09. The Shenzhen Component Index ticked up 0.1% to end at 13,625.12.The uptick followed S&P Global's RatingDog China Composite Output Index reading of 52.1 in August, up from 50.8 in July and contrasting with the official composite PMI of 49.5.Business activity across China's private service sector expanded in August, with the headline RatingDog China General Services Business Activity Index standing at 51.4. This beat the consensus forecast of 50.6 tracked by Investing.com and compared with the 50.4 recorded in the previous month.In company news, Chongqing Wangbian Electric (SHA:603191) said the holdings of its controlling shareholders and their persons in concert will rise to 43.28% from 39.24% after the acquisition of a related party. Shares of the control equipment maker closed 7% higher Thursday.
