Chinese Shares Rise on Stimulus Hopes; Shengtak New Material, Dong-E-E-Jiao, Tech-Bank Food Close With Gains

MT Newswires Live2024-10-10

Chinese shares made gains at the close of Thursday's trade amid hopes of more stimulus announcements.

The Shanghai Composite Index, the main gauge of Chinese stocks, added 1.3%, or 43.07 points, to finish at 3,301.93. The Shenzhen Component Index slipped 0.8%, or 86.73 points, to 10,471.08.

Sentiment was uplifted after China's Finance Ministry said it will announce more fiscal measures on Saturday, Oct. 12.

It was a rebound from losses incurred in the previous trading day as investors' enthusiasm for the country's rebound fizzled, especially when the National Development and Reform Commission failed to mention big fiscal measures during its briefing this week.

In corporate news, some companies closed higher amid expectations of growth in the third quarter.

Shengtak New Material (SHE:300881) soared 9.7% after predicting its attributable profit will surge up to 223.6% year on year, while Dong-E-E-Jiao (SHE:000423) climbed 5.7% amid forecasts that its attributable profit will jump up to 73% from the prior-year period.

Tech-Bank Food (SHE:002124) also jumped 4.9% after announcing it is expected to return to profit during the quarter.

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