Chinese stocks rise; Zhejiang China commodities city leads advances
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Chinese equities ended Thursday's session moderately higher despite data indicating a slight decline in industrial profits for January and February. Investors seemed unfazed by weaker industrial data, focusing instead on selective corporate strength and optimism around easing U.S.-China trade tensions.
The Shanghai Composite Index closed the day with a gain of 0.2%, finishing at 3,373.75 points, while the Shenzhen Component Index also rose 0.2% to close at 10,668.10 points.
Earlier, China's National Bureau of Statistics reported industrial profits fell by 0.3% in the first two months of the year. The Bureau highlighted external challenges, notably U.S. tariffs, as a primary headwind. Recent developments include President Trump's introduction of a 25% tariff on imported vehicles, although he later signaled openness to reducing tariffs on China as part of broader negotiations, particularly relating to TikTok's parent company, ByteDance.
In corporate developments, Zhejiang China Commodities City Group stood out with a notable 7.2% gain after reporting robust earnings growth. The company’s 2024 attributable profit rose 15% to 3.07 billion yuan, alongside a 39% jump in operating income to 15.7 billion yuan.
Healthcare stocks also outperformed. Jiangsu Hengrui Medicine gained 4.7% following approvals for new drug trials, including its tumor-treatment injection SHR-9803. Similarly, Shanghai Junshi Biosciences advanced 3.9% after obtaining marketing approval for toripalimab injection, a drug aimed at treating hepatocellular carcinoma.
Investors remain attentive to ongoing developments in U.S.-China trade negotiations and domestic corporate performance, as these factors are likely to shape short-term sentiment and market direction.
The Shanghai Composite Index closed the day with a gain of 0.2%, finishing at 3,373.75 points, while the Shenzhen Component Index also rose 0.2% to close at 10,668.10 points.
Earlier, China's National Bureau of Statistics reported industrial profits fell by 0.3% in the first two months of the year. The Bureau highlighted external challenges, notably U.S. tariffs, as a primary headwind. Recent developments include President Trump's introduction of a 25% tariff on imported vehicles, although he later signaled openness to reducing tariffs on China as part of broader negotiations, particularly relating to TikTok's parent company, ByteDance.
In corporate developments, Zhejiang China Commodities City Group stood out with a notable 7.2% gain after reporting robust earnings growth. The company’s 2024 attributable profit rose 15% to 3.07 billion yuan, alongside a 39% jump in operating income to 15.7 billion yuan.
Healthcare stocks also outperformed. Jiangsu Hengrui Medicine gained 4.7% following approvals for new drug trials, including its tumor-treatment injection SHR-9803. Similarly, Shanghai Junshi Biosciences advanced 3.9% after obtaining marketing approval for toripalimab injection, a drug aimed at treating hepatocellular carcinoma.
Investors remain attentive to ongoing developments in U.S.-China trade negotiations and domestic corporate performance, as these factors are likely to shape short-term sentiment and market direction.