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China blue-chips scale fresh 26-month high as party congress concludes
October 24, 2017 / 7:19 AM / a month ago

China blue-chips scale fresh 26-month high as party congress concludes

SHANGHAI, Oct 24 (Reuters) - China’s blue-chip stocks reached a 26-month high on Tuesday, led by infrastructure and property shares, as investors cheered robust earnings growth and felt comfortable with economic policy as the Communist Party’s congress drew to a close.

About 100 Shanghai-listed companies have disclosed third-quarter earnings, with combined net profit jumping 47 percent from a year earlier, according to the official Shanghai Securities News.

The blue-chip CSI300 index rose 0.7 percent, to 3,959.40 points, while the Shanghai Composite Index added 0.2 percent to 3,388.25 points.

“Demand growth at ... materials producers and users was generally stable in September,” brokerage CLSA said in a note.

“Manufacturing demand helped offset weaker property demand, a trend that will continue in the fourth quarter.”

Trading in China A-shares has been generally calm during the party congress, which ends on Tuesday.

President Xi Jinping presented a plan to guide China’s development until 2050, ushering in a “new era” of growth.

Sectors rose across the board.

Gains were led by infrastructure and real estate stocks, which rallied after recent weakness on concerns Beijing may not loosen its housing market curbs any time soon.

Material stocks also steadied after posting solid growth in the first nine months of the year.

Fangda Special Steel Technology’s added 1.9 percent, after the steelmaker’s net profit more than doubled for the January-September period. (Reporting by Luoyan Liu and John Ruwitch; Editing by Sam Holmes)

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