Shanghai’s benchmark stock index rose on Monday, marking its longest streak of gains in more than a year, lifted by a stronger yuan and new government pledges to boost domestic consumption.
At the close, the Shanghai index rose 0.04% and marked its ninth consecutive session of gains. The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 0.4%. Hong Kong’s Hang Seng Index fell 0.7%.
China’s Finance Ministry said on Sunday that fiscal policy would be “more proactive” next year, reiterating a focus on domestic consumption, technological innovation and the social safety net.
The pledge came after data showed that “profits at China’s industrial firms fell in November at the fastest pace in more than a year, as weak domestic demand offset resilient exports, reinforcing calls for additional policy support.”
The defense sector rose 1.1%, nearing a three-year high, leading the market’s gains Monday after China began its military maneuvers around Taiwan.
The energy sector increased by 1.2% and the banking index by 1%.
. In TOKYO, the Nikkei index fell by 0.44%, to 50,526 points.
. In HONG KONG, the HANG SENG index fell by 0.71%, to 25,635 points.
. IN SHANGHAI, the SSEC index gained 0.04%, to 3,965 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell 0.38% to 4,639 points.
. In SEOUL, the KOSPI index rose 2.20% to 4,220 points.
. In TAIWAN, the TAIEX index recorded an increase of 0.89%, to 28,810 points.
. IN SINGAPORE, the STRAITS TIMES index closed unchanged at 4,636 points.
. IN SYDNEY, the S&P/ASX 200 index fell 0.42%, to 8,725 points.
About The Author
