Over 100 listed companies upbeat about H1 performance

Xinhua
01 Jun 2020, 18:48 GMT+10

BEIJING, June 1 (Xinhua) -- A total of 105 Chinese firms listed on the A-share market expect positive financial results in the first half of this year (H1) despite the COVID-19 epidemic, the China Securities Journal reported on Monday.

A total of 77 companies expected their net profits to increase by more than 10 percent year on year in H1 and 33 firms estimated that their net profits would double, the newspaper reported, citing data from financial information provider Wind.

As of Friday, 537 listed companies had released H1 performance estimates. While the COVID-19 epidemic had weighed on their profits, many said recovery has been seen since the second quarter, as pent-up demand was unleashed amid containment of the epidemic.

Companies in the sectors of agricultural products and food, biological medicine, computers and telecommunication expected a better performance in H1 thanks to increasing orders.

Chinese stocks closed higher on Monday. The benchmark Shanghai Composite Index went up 2.21 percent to close at 2,915.43 points, while the Shenzhen Component Index closed 3.31 percent higher at 11,102.15 points.

The combined turnover of the two bourses stood at 761.59 billion yuan (about 106.79 billion U.S. dollars), soaring from 572.3 billion yuan on the previous trading day.

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