1st LD-Writethru: Chinese stocks end higher on upbeat economic indicators

Xinhua
31 Jul 2020, 18:59 GMT+10

BEIJING, July 31 (Xinhua) -- Chinese shares closed higher Friday as freshly released indicators pointing to further economic recovery added to investor confidence.

The benchmark Shanghai Composite Index went up 0.71 percent to end at 3,310.01 points while the Shenzhen Component Index closed 1.27 percent higher at 13,637.88 points.

The combined turnover of stocks covered by the two indices expanded to nearly 1.15 trillion yuan (about 164.6 billion U.S. dollars) from 1.09 trillion yuan the previous trading day.

The gain came after the release of the official purchasing managers' index (PMI), a closely-watched indicator that measures factory and service sector activities.

The PMI for China's manufacturing sector rose to 51.1 in July from 50.9 in June, the fifth straight month it has remained in expansionary territory, the National Bureau of Statistics said Friday.

The PMI for China's non-manufacturing sector also stayed above the boom-bust line of 50 to stand at 54.2 in July, showing sustained recovery in the service sector.

Tourism-related industries were among the biggest winners Friday, with the shares of Tibet Tourism Co., Ltd. surging by the daily limit of 10 percent.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 1.89 percent to close at 2,795.4 points.

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