Chinese stocks rose in trading on Tuesday, helped by the reopening of most industrial companies in the city of Shanghai amid fears of a re-emergence of the Covid-19 virus in the country, with attention turned to economic data. it is expected to be released tomorrow in China.
According to CNBC, Shen Gubin, Vice Minister of Industry and Information Technology of China, said, “In Shanghai, 96.3% of industrial enterprises have resumed operations with productivity above 70% since (Tesla) has reached full capacity. , while production at SAIC, the local state-owned automaker, surged nearly 60% year-on-year in early June.
Investors are looking ahead to the release of China’s industrial production index tomorrow, Wednesday, with expectations of a 0.7% year-on-year decline in May after falling 2.9% in April due to the publication of the retail sales index in addition to data the unemployment rate is expected to stabilize at 6.1%, unchanged over the same period.
The Shanghai Composite index rose 1.02% to 3288 points, the CSI 300 index rose 0.799% to 4222 points, and the Shenzhen Composite rose 0.19% to 2089 points.
The Chinese currency rose 0.30% to 6.7345 yuan against its US counterpart at 1230 GMT sharp.
Source: El Iktisad
