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China Market rises on upbeat economic data

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The China share market finished higher for third straight session on Tuesday, 15 September 2020, as better than expected China's industrial output, retail sales and fixed-asset investments data cemented evidence that a recovery from the ravages of the coronavirus pandemic was strengthening in Asia's largest economy.

At closing bell, the benchmark Shanghai Composite Index added 0.51%, or 16.86 points, to 3,295.68. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.74%, or 16.26 points, to 2,205.36. The blue-chip CSI300 index gained 0.8%, or 37.43 points, to 4,688.48.

Retail sales rose 0.5% in August from a year ago, the first positive report for the year so far, China's National Bureau of Statistics said on Tuesday. Retail sales for the first eight months of the year were down 8.6% from a year ago.

Industrial production grew 5.6% in August from a year ago. Fixed-asset investment declined 0.3% for the first eight months of the year.

Shares of tourism companies, airlines and consumer brands rose as demand increases ahead of the Mid-Autumn Festival and the National Day holidays. BTG Hotels Group gained 6.7% to 19.97 yuan and China Quanjude Group, the operator of roasted Peking duck restaurants, added 3.2% to 11.38. Air China surged by 6.6% to 7.96 yuan and Juneyao Airlines jumped 5.7% to 12.21 yuan.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 15 2020. 17:41 IST
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