MARKET

Goldman Sachs said in a note that the MSCI China Index is expected to rally as much as 20% during the following 12 months.

China has recently approved a plan to step up domestic iron ore mining and reduce its reliance on overseas supply of the steelmaking commodity amid rising uncertainties and volatilities in the global market.

China’s iron ore rose on hopes of a recovery in demand after the financial hub of Shanghai reopened from Covid-19 lockdowns and the government rolled out a series of measures to spur economic growth.

Container throughput at China’s major ports reached 23.08 million TEUs in May, rising 4.2% from a year earlier, with daily average up 4.4% from the previous month, according to the Ministry of Transport.

China’s Zhejiang Geely Holding Group successfully launched its first satellites on Wednesday, sending nine into low earth orbit, in a move to build out a satellite network to provide more accurate navigation for autonomous cars.

China will introduce supportive policy measures to stabilize market entities, effectively expand investment and consumption, ensure food and energy security and stabilize industry chain and supply chain and safeguard people’s livelihood, said the Ministry of Finance at a press briefing.

China will step up implementation of the prudent monetary policy and appropriately front-load the policy to maintain the economic operation within a reasonable range, said the The PBOC and the State Administration of Foreign Exchanges at a press conference on Thursday.

Shares of energy storage companies, wind power, companies, solar power companies and hydropower companies rallied in the A-share market after State Grid said its investment in the electricity network infrastructure will hit record high this year and vowed to promote new energy projects.

Shares of Chinese cement producers are sliding after cement companies in several regions lowered prices amid weak market demand. Conch Cement is diving 5.2%, China National Building Materials down nearly 5%, China Resources Cement down 3.3%.

Shares of Chinese steelmakers stage a rally in the A-share market on expectation of rising demand as the government steps up stimulus policy to boost the epidemic-hit economy.

Chinese A-shares open lower on Thursday, with the Shanghai Composite Index down 0.37% , the Shenzhen Component Index down 0.5%, and the tech-heavy Chinext Price Index down 0.42%.