Shanghai Stocks Hit 7-Month Highs

The Shanghai Composite rose 0.7% to above 3,100 on Monday, hitting its highest levels in seven months as investors look forward to Chinese PMI figures this week that could provide updates on the state of the world’s second-largest economy.

The Shenzhen Component also jumped 2.2% to 9,670, the highest in over a month.

Meanwhile, data released over the weekend showed that industrial profits in China climbed 4.3% year-on-year in the January to March period, much slower than the 10.2% growth seen in the January to February period.

New energy, financial and property stocks led the advance, with strong gains from Contemporary Amperex (5.4%), BYD Company (2.3%), Founder Securities (4.6%), The Pacific Securities (9.1%) and China Vanke (8%).