Economic data pull stocks up

Source: Xinhua | 2017-01-22

SHANGHAI stocks rose yesterday as investors were buoyed by positive economic data for China.

The Shanghai Composite Index added 0.7 percent to 3,123.14 points. The gauge gained 0.3 percent for the week.

Investors were cheered by China’s GDP, which grew by a better-than-expected 6.8 percent year on year in the fourth quarter, the National Bureau of Statistics said.

“The A-share market has not seen any good news for some time, so the GDP data to some extent boosted sentiment,” said Ricky Huang, analyst at Lukfook Financial.

Yonyou Network Techno­logy Co added 5.01 percent to 19.30 yuan (US$2.81), and G-bits Network Technology Xiamen Co surged by the daily limit of 10 percent to 220.68 yuan.