However, market gains capped after data showed that factory and service sector activity rose the least in four months amidst outbreaks of coronavirus in select regions.
At closing bell, the benchmark Shanghai Composite Index was up 0.5%, or 18.02 points, to 3,591.20. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.02%, or 24.98 points, to 2,466.24. The blue-chip CSI300 index advanced 0.66%, or 33.50 points, to 5,224.04.
The best performing sectors in the Shanghai Stock Exchange were Health Care Distributors (up 6.5%), Property & Casualty Insurance (up 5.1%), Specialized Finance (up 5%), Semiconductors (up 4.7%), and Other Non-ferrous Metal (up 4.7%), while the worst performing sectors were Soft Drinks (down 4.7%), Computer & Electronic Equipment Dealer (down 4.5%), Motorcycle (down 3.6%), New Energy Power (down 3.6%), and Paint (down 3.1%).
The best performing sectors in the Shenzhen Stock Exchange were Drug Distributors (up 14.4%), Vintners & Others (up 7.4%), Railway Equipment (up 4.9%), Semiconductors (up 4.6%), and New Energy Equipment (up 3.6%), while the worst performing sectors were Office Services & Supplies (down 3.3%), Railway Transportation (down 2.5%), Soft Drinks (down 2.3%), Travel Agencies (down 2.3%), and Home Furnishings (down 2%).
Shandong Weigao Orthopaedic Device rose 193% to 106.05 yuan from its IPO price in Shanghai, while both Hangzhou Cogeneration Group and information services provider Servyou Software Group added 44%. In Shenzhen, Qingdao Baheal Pharmaceutical soared 635% to 56.16 yuan and Nanjing Railway New Technology gained 214% to 43.14 yuan.
ECONOMIC NEWS: China Manufacturing Growth Slows In June- China's official manufacturing PMI edged down to 50.9 in June from 51.0 a month earlier, according to the National Bureau of Statistics. This was the weakest pace of expansion in factory activity since February, amid high raw material costs and port disruptions in the export province of Guangdong. It remained above the 50-point mark that separates growth from contraction on a monthly basis. New export orders fell for a second consecutive month in June and at a faster pace, likely due to the global resurgence of COVID-19 variants, forcing some countries to re-impose lockdowns.
CURRENCY NEWS: China yuan slightly up against the dollar on Wednesday, despite softer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4601 per dollar, weaker by 34 pips from the previous fix of 6.4567. In the spot market, onshore yuan CNY=CFXS was at 6.4571, weaker by 69 pips from the previous late session close.
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