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Chinese shares surge on Tuesday
January 19, 2016, 7:38 am

Data pointing to slower Chinese economic growth fanned stimulus hopes [Xinhua]

Data pointing to slower Chinese economic growth fanned stimulus hopes [Xinhua]

China’s stocks closed higher on Tuesday, with the benchmark Shanghai Composite Index up 3.22 per cent, at 3,007.74 points.

The smaller Shenzhen index rose 3.41 per cent to close at 10,501.79 points. The ChiNext Index, which tracks China’s NASDAQ-style board of growth enterprises, gained 3.07 per cent to close at 2,241.7 points.

China’s economy grew 6.9 per cent year on year in 2015, the slowest annual expansion in a quarter of a century, but it is still in line with the official target, according to data from the National Bureau of Statistics (NBS) on Tuesday.

The Chinese government targeted an annual economic growth of around 7 per cent for 2015.

As Shanghai stocks surged, Asian shares were mostly higher on Tuesday.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

South Korea’s KOSPI was up 0.3 per cent and Malaysian stocks rose 0.2 per cent. Singaporean stocks and Japan’s Nikkei were nearly flat. In India, the Sensex and the Nifty jumped nearly one per cent.

 

Source: Agencies