October 28, 2024 at 03:40 am EDT
(MT Newswires) -- Chinese stocks increased marginally during Monday's trading after industrial profits tanked to their lowest in 16 months in September and general public budget revenue slipped.
The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.68%, or 22.50 points, to 3,322.20. The Shenzhen Component Index edged up 0.62%, or 66.04 points, to 10,685.89.
China's industrial profits slumped at the steepest rate in 2024 at 27.1% in September, sharper than the 17.8% decline in August.
For the nine months ended September, total profits increased 3.5% year over year to 5.228 trillion yuan, the first expansion in nine months.
Elsewhere, China's national general public budget revenue slipped 2.2% year over year to 16.3 trillion yuan, led by a 5.3% fall in tax revenue to 13.2 trillion yuan.
In geopolitical developments, Chinese Finance Vice Minister Liao Min expressed concern over US sanctions levied against two Chinese companies. The sanctions are related to allegations the companies made attack drones used in the war with Ukraine.
In IPO news, Chinese autonomous driving startup WeRide raised $440.5 million from its trading debut and private placement on the Nasdaq.
WeRide sold 7.74 million American depositary shares at $15.50 per share for about $120 million.
At home, Sany Renewable Energy's (SHA:688349) shares closed 5.6% lower on Monday after its unit, Sany Wind Energy India, signed contracts with subsidiaries of Indian power company JSW Energy (NSE:JSWENERGY, BOM:533148) and a unit of Singaporean state-owned energy firm Sembcorp (SGX:U96).

Sumber : MT Newswires