November 19, 2024 at 02:43 am EST
(MT Newswires) -- Chinese shares rebounded Tuesday after the country posted higher fiscal revenue in October amid strengthened economic momentum.
The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.67% or 22.16 points, to 3,346.01. The Shenzhen Component Index increased 1.9% or 199.82 points to 10,743.84.
China's fiscal revenue increased 5.5% year over year in October, while tax revenue increased 1.8% year over year.
For the first 10 months of the year, fiscal revenue slid 1.3% to 1.850 trillion yuan, while national tax revenue slid 4.5% year over year to 1.508 trillion yuan.
Fiscal expenditure increased 2.7% to 22.147 trillion yuan in the January-October period.
Meanwhile, Goldman Sachs and Morgan Stanley forecast a weaker renminbi currency by 2025. Goldman Sachs analysts expects the yuan to trade at 7.50 yuan per dollar while Morgan Stanley sees an exchange rate of 7.60 yuan per dollar compared with 7.24 yuan as of Nov. 19.
In the corporate front, Jiayou International Logistics (SHA:603871) closed 7% lower after its unit signed a $56.7 million concession contract to upgrade and reconstruct the Mocambo Port and Mufulira to Mocambo Road in Zambia.
China Petroleum and Chemical Corp or Sinopec's (SHA:600028) Shanghai shares closed 1% lower on Tuesday after partnering with Saudi Arabian petrochemical giant Aramco to build a $10 billion petrochemical plant in Fujian province. Sinopec will hold a 25% stake in the JV.
Sumber : MT Newswires
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