China stocks gain on upbeat industrial data, tech bounce

Credit: REUTERS/ALY SONG

Chinese shares rose on Thursday, boosted by technology shares, as data showed faster growth at industrial firms in July in a sign of a firming economic recovery from the coronavirus-driven slump.

SSEC 0.3%, CSI300 0.2%, HSI -0.6%

ChiNext index jumps 1.94%, resumes reform-driven rally

HSBC weighs on Hang Seng index after Pompeo criticism

SHANGHAI, Aug 27 (Reuters) - Chinese shares rose on Thursday, boosted by technology shares, as data showed faster growth at industrial firms in July in a sign of a firming economic recovery from the coronavirus-driven slump.

** Profits at China's industrial firms grew for a third straight month in July and at the fastest pace since June 2018, the National Bureau of Statistics (NBS) data showed. That helped a CSI 300 sub-index tracking industrial firms .CSI00910 rise 0.91%.

** At the midday break, the Shanghai Composite index .SSEC was up 0.29% at 3,339.40. The blue-chip CSI300 index .CSI300 was up 0.24%.

** Technology firms resumed a rally driven by reforms implemented this week on China's tech-heavy ChiNext board after losses that dragged down the broader market on Wednesday.

** The ChiNext index .CNT, which is up 2.4% for the week, gained 1.94% on Thursday and Shanghai's tech-focused STAR50 index .STAR50 was up 2.85%​. Shenzhen's main index .SZSC added 0.83%.

** Chinese H-shares listed in Hong Kong .HSCE fell 0.77% to 10,220.96 and the Hang Seng Index .HSI was down 0.63% at 25,331.80.

** Hong Kong shares of HSBC Holdings PLC 0005.HK fell 1.62% and weighed on the Hang Seng index, as U.S. Secretary of State Mike Pompeo renewed criticism of the bank for its reported treatment of customers linked with the pro-democracy movement in the Chinese-ruled city.

** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS gained 0.38% while Japan's Nikkei index .N225 was down 0.36%.

** The yuan CNY=CFXS was quoted at 6.8837 per U.S. dollar, 0.03% firmer than the previous close of 6.8855.

** The largest percentage gainers on the main Shanghai Composite index were Whirlpool China Co Ltd 600983.SS, up 10.06%, followed by Shanghai Industrial Development Co Ltd 600748.SS, gaining 10.04%, and Zhejiang Shapuaisi Pharmaceutical Co Ltd 603168.SS, which rose 10.01%.

** The Shanghai stock index is up 9.48% this year, while China's H-share index is down 8.48%.

(Reporting by Andrew Galbraith; Editing by Amy Caren Daniel)

((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging: andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))

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