China stocks rise as industrial profits grow, energy and semiconductor sectors perform well

From XM Group: 2024-05-27 04:35:17

China stocks surged as industrial profits rebounded in April, with energy and semiconductor shares leading the gains. The Shanghai Composite index rose 1.14%, while the Hang Seng index in Hong Kong also saw a 1.17% increase. Chinese semiconductor companies saw a 3.3% increase after a new state-backed investment fund was set up to boost the industry. Other sectors that performed well included coal stocks, energy shares, and IT shares. Overall, the market was positively impacted by the growing industrial profits and economic data at home and abroad. The yuan was quoted slightly weaker against the U.S. dollar. Investors will continue to monitor upcoming economic data for further market cues.



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