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Chinese stocks higher in last trading day of the year; Shanghai soars more than 20% for 2019

Chinese stocks higher in last trading day of the year; Shanghai soars more than 20% for 2019

Chinese stocks were higher on the final trading day of 2019, with other major markets in Asia either on holiday or seeing an early close. The Shanghai composite edged 0.33% higher to about 3,050.12 while the Shenzhen component added 0.63% to 10,430.77. The Shenzhen composite also rose 0.551% to approximately 1,722.95.

For 2019, the Shanghai composite has seen gains of more than 22%, while the Shenzhen component has soared about 44%. The Shenzhen composite has also seen returns of approximately 35.9%. That came following 2018, when Chinese markets saw their worst performance in a decade.

China’s official manufacturing Purchasing Managers’ Index (PMI) for December came in slightly above expectations on Tuesday, according to the country’s statistics bureau. The PMI figure for December came in at 50.2, slightly above expectations of a 50.1 reading by economists in a Reuters poll. The 50 level in PMI readings separates expansion from contraction.

Hong Kong’s Hang Seng index declined 0.46% to close early at 28,189.75 as shares of Chinese tech giants Tencent and Alibaba fell more than 1.98% and 1.61%, respectively. The moves left the Hang Seng index with gains of about 9% for 2019. Meanwhile, shares in Australia fell in an early close for New Year’s Eve. The S&P/ASX 200 dropped 1.78% to 6,684.10 as almost all sectors declined.

Chinese stocks higher in last trading day of the year; Shanghai soars more than 20% for 2019, CNBC, Dec 31
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