SHANGHAI, Dec. 28 (Reuters) – Chinese equities closed higher on Monday, helped by solid industrial earnings data that underlined a continued recovery in the world’s second largest economy.
** The CSI300 blue chip index rose 0.4% to 5,064.41, while the Shanghai Composite index was unchanged at 3,397.29.
** Consumer businesses led gains, with the CSI300 consumer staples index and the consumer discretionary index up 2.9% and 1.8%, respectively.
** Profits of Chinese industrial companies rose sharply in November to a seventh month of earnings, supported by strong industrial production and sales, as manufacturers continue their recovery from the COVID-19 recession.
** China will overtake the United States to become the world’s largest economy in 2028, five years earlier than previously estimated due to the two countries’ mixed recoveries from the pandemic, a think tank said.
** China’s economic recovery is better than expected, Guotai Junan Securities said in a report.
** The direction of overseas economic recovery in 2021 is clear, while the sporadic resurgence of coronavirus cases in China has limited impact on the momentum and pace of the country’s economic recovery, the mediation added.
** Although tech companies have pulled out due to regulatory concerns. The CSI300 IT index lost 1.4%, while the STAR50 index, which tracks the technology-focused Shanghai STAR Board, fell 0.8%.
** China’s central bank revealed on Sunday that it asked the country’s payment giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack. But.
** Across the region, the MSCI Asia ex Japan stock index was more solid by 0.12%, while the Japanese Nikkei index closed up 0.74%.
** At 0728 GMT, the yuan was quoted at 6.5317 per US dollar, 0.15% higher than the previous close of 6.5412. (Reporting by Shanghai Newsroom; editing by Uttaresh.V)