Shanghai stock benchmark hits fresh decade high, economic data in focus

Reuters
Nov 13
Shanghai stock benchmark hits fresh decade high, economic data in focus

Updates to market close

By Jiaxing Li

HONG KONG, Nov 13 (Reuters) - China stocks edged up on Thursday, led by gains in new energy sector shares, while investors awaited key economic data due on Friday.

** The Shanghai Composite index .SSEC was up 0.7% at 4,029.50 to its highest since 2015 and ended a two-day decline. China's blue-chip CSI300 index .CSI300 climbed 1.2%.

** Leading gains, the CSI New Energy Vehicle Index .CSI399976 surged 6.2% to a three-year high, and the New Energy Index .CSI399808 rallied 4.7% in its biggest single-day gain in two weeks.

** Battery maker CATL 300750.SZ surged 7.6% to near a record high last seen in October, and miner Tianqi Lithium 002466.SZ jumped 10%.

** China's Ministry of Industry and Information Technology will announce a comprehensive plan to boost the new energy battery sector and promote its infrastructure usage, a senior official said on Thursday.

** The artificial intelligence sector .CSI930713 and chip shares .CSI931865 climbed 0.6% and 0.7%, respectively, to recover some losses seen earlier this week.

** "The market will likely continue consolidating and building momentum around the 4,000-point level in the short term, which is beneficial for solidifying the market foundation and accumulating strength for subsequent movements," analysts at Yingda Securities said in a note.

** "It could help set the stage for further breaking new highs for the rest of the year."

** In Hong Kong, the benchmark Hang Seng Index .HSI added 0.6% to a one-month high. The Hang Seng China Enterprises Index .HSCE also reversed earlier losses to gain 0.6%.

** Alibaba 9988.HK rallied 3.3% after a Bloomberg News report that the firm is preparing a revamp of flagship AI app to resemble ChatGPT.

** Elsewhere, investors are awaiting China's key set of data releases such as retail sales, industrial output, and investment on Friday, to get a sense of the economic recovery and any implications for the policy outlook.

(Reporting by Jiaxing Li in Hong Kong; Editing by Rashmi Aich and Harikrishnan Nair)

((jiaxing.li@thomsonreuters.com))

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