China stocks rise on boost of new energy vehicles, foreign inflows

[superadmin]

SHANGHAI: China stocks started the week on a firm note on Monday led by robust gains for new energy vehicle firms, while strong foreign inflows also helped sentiment.

The CSI300 index rose 2.1% to 5,069.66 points at the end of the morning session, while the Shanghai Composite Index gained 1.3% to 3,471.17 points.

Leading the gains on Monday, the CSI new energy vehicles index jumped 5.7% after Huawei’s launch of automated-driving solutions on Sunday.

Also helping support the market, foreign investors purchased a net 14.2 billion yuan (US$2.18 billion) worth of A-shares via the Stock Connect linking mainland and Hong Kong, according to Refinitiv data.

“Driven by declining interest rates for the short-term and upbeat corporate earnings, the A-share market is expected to continue rebound,” Southwestern Securities noted in a report.

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