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Shanghai - Chinese stocks rose as a rally for technology companies overshadowed a report showing industrial companies’ profits dropping the most in at least four years.
The Shanghai Composite Index climbed 0.2% to 3 096.88 at 08:29, erasing a loss of as much as 1.6%. About three stocks advanced for each one that fell in shrinking turnover before the start of a week-long holiday from this week. Wangsu Science and Technology jumped by the 10% daily limit.
Hong Kong’s stock market was shut for the mid-Autumn festival.
The Shanghai gauge has fallen 28% this quarter for the worst three-month period since March 2008 as leveraged investors fled the stock market amid concerns valuations weren’t justified amid a weakening economy.
Trading volumes in Shanghai plunged 52% below the 30-day average before the National Day holiday that starts on October 1.
Industrial companies’ profits dropped 8.8% to 448.1 billion yuan last month from a year earlier, the National Bureau of Statistics said on its website. That’s the steepest loss since at least October 2011, when the government began releasing monthly data.
Profits in coal mining plunged 64.9%, while oil and gas profits tumbled 67.3%, according to the report.
