China Stocks up on industrial profit data

The Mainland China equity market closed higher after recouping earlier losses on Tuesday, 27 June 2017, as sentiments firmed up on news that Chinese industrial profits growth accelerated in May from a year ago. Data from the National Bureau of Statistics showed that China's industrial profits grew at a faster pace of 16.7% year-over-year in May, following a 14% spike in April. However, gains were limited as investors turned cautious amid a strong rally in blue-chips after MSCI decided last week to add 222 China-listed stocks to its Emerging Markets Index. Sector performance was mixed, with gains were led by bank stocks, while real estate stocks dragged behind after jumping nearly 9% during the previous two sessions. The blue-chip CSI300 index rose 0.2%, to 3,674.72 points, while the Shanghai Composite Index added 0.2% to 3,191.20 points.

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