October 18, 2024 at 03:36 am EDT
(MT Newswires) -- China stocks rallied on Friday after the country's central bank launched 800 billion yuan funding schemes to bolster the stock market.
The Shanghai Composite Index jumped 2.9%, or 92.18 points, to cap the trading week at 3,261.56. The Shenzhen Component Index soared 4.7%, or 465.91 points, to 10,357.68.
Sentiment was further uplifted after China's industrial production and retail sales grew 5.4% and 3.2%, respectively, in September.
The country's gross domestic product for the third quarter also exceeded expectations as it expanded 4.6%. Although lower than the 4.7% growth in August, it beat the 4.5% increase predicted by Reuters-polled economists.
In corporate news, Shenzhen Megmeet Electrical (SHE:002851) surged 10% after announcing that it will provide power components to US technology giant Nvidia.
Moreover, two healthcare companies rose after receiving regulatory approval for their products.
Sansure Biotech (SHA:688289) jumped 7.5% after receiving approval for the registration of its nucleic acid detection kit for parainfluenza virus 1, 2, and 3, while Kexing Biopharm (SHA:688136) closed 3.2% higher following getting the marketing authorization for its paclitaxel albumin-bound injection in the UK.
Sumber : MT Newswires
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