Most Chinese Stocks Rise After Industrial Output Beats Estimates
Most Chinese stocks rose after the release of data showing industrial production, retail sales and fixed-asset investment exceeded economists’ estimates.
The Shanghai Composite added 0.1 point to 2,071.60 at 1:38 p.m., led by property companies, as five stocks gained for every three that retreated. The CSI 300 Index was unchanged at 2,245.44, as gains for industrial companies were overshadowed by declines for telecom and health-care stocks.
Industrial output rose 9.6 percent in October from a year earlier, the National Bureau of Statistics said. The growth compares with the 9.4 percent median estimate in a Bloomberg News survey of 33 analysts and a 9.2 percent increase in September.
China’s stocks will “linger” unless there are positive catalysts such as policy easing which is becoming increasingly unlikely given recent data showing the economy is stabilizing, Hao Hong, managing director of research at Bank of Communications Co., said in a Bloomberg Television interview today.
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