Chinese stocks rise on stronger-than-expected data

Updated 2017-01-20 17:34:16 Xinhua

Chinese stocks closed higher Friday as market sentiment was buoyed by data showing the economy performed stronger than expected in the fourth quarter.

The benchmark Shanghai Composite Index went up 0.7 percent to close at 3,123.14 points, while the smaller Shenzhen index closed 1.41 percent higher at 9,906.14 points.

Turnover on the two exchanges expanded to 322.93 billion yuan (around 47 billion U.S. dollars) from 297.89 billion yuan the previous trading day.

The ChiNext Index, which tracks China's NASDAQ-style enterprises, gained 1.99 percent to close at 1,880.75 points.

Official data Friday showed China's economy grew 6.8 percent in the fourth quarter, higher than the market expectation of a 6.7 percent expansion.

For the full year, growth came in at a steady 6.7 percent, well within the government's target range of 6.5 to 7 percent.

The stronger-than-expected data lifted market sentiment, with shares rising across the board.

Meanwhile, China's central bank has continued to pump money to the market this week, easing liquidity conditions ahead of the Lunar New Year.

Cement and paper-making industries were among the day's best performers. China West Construction Group surged by the daily limit of 10 percent to end the day at 11.75 yuan per share.

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