Chinese Shares Rebound After State Fund Buys ETFs; Kaifa, JMC, GEM Rise on Strong Earnings

MT Newswires Live08-30

Chinese shares rebounded on Friday, snapping a three losing streak, as state-backed Central Huijin Investment stepped up its purchases of blue-chip ETFs.

The Shanghai Composite Index added 0.7%, or 19.11 points, to cap off the trading week at 2,842.21. The Shenzhen Component Index rose 2.4%, or 194.04 points, to 8,348.48.

The heavy buying from Central Huijin, which increased its holdings in E Fund CSI300 Index ETF and ChinaAMC China50 ETF by significant margins, boosted sentiment across the market.

Several Chinese companies also saw their shares rise on the back of strong first-half earnings.

Shenzhen Kaifa Technology (SHE:000021), Jiangling Motors' (SHE:000550, SHE:200550) and GEM (SHE:002340) gained 10%, 4%, and 3%, respectively.

Kaifa Technology's first-half profit went up 21% to 360.3 million yuan, while that of Jiangling Motors or JMC climbed 23% to 895.5 million yuan, and GEM's profit jumped 70% to 701.5 million yuan.

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