Chinese Stocks Rise on UBS Upgrade; SPIC Industry-Finance Jumps 10%

MT Newswires Live2024-10-22

Chinese equities finished the trading day with gains, defying geopolitical tensions as investors welcomed UBS Investment Bank's upgraded growth outlook for the country.

The Shanghai Composite Index rose 0.5%, or 17.76 points, to finish Tuesday's session at 3,285.87. The Shenzhen Component Index inched up 0.9%, or 88.60 points, to 10,559.51.

UBS's revised outlook for China's economy, raised to 4.8% from 4.6%, was driven by stronger-than-expected third-quarter GDP growth. The upgrade provided a much-needed boost to investor sentiment.

The upgrade overshadowed reports of the US government's plan to curb investments in Chinese technology firms, which is now in the final stage of review, according to an update from the Treasury Department.

In corporate news, SPIC Industry-Finance (SHE:000958) jumped 10% amid plans to acquire 100% of SPIC Nuclear Power to become China's third listed nuclear energy power operator.

Kidswant Children Products (SHE:301078) surged 10.3% after its attributable profit rose 8.7% year over year to 51.5 million yuan in the third quarter.

Zhejiang Huahai Pharmaceutical (SHA:600521) rose 4% after obtaining a drug registration certificate for argatroban injection.

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