Chinese mainland stocks edge higher on Friday as strong industrial profit data lifts market sentiment

Chinese mainland stocks edged higher on Friday, outperforming their regional peers, as strong industrial profit data lifted market sentiment despite lingering worries over Middle East tensions, said Wang Ying, a market analyst for China Global Television Network (CGTN).

Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 0.63 percent to 3,913.72 points. The Shenzhen Component Index closed 1.13 percent higher at 13,760.37 points.

Shares related to the lithium battery industrial chain and pharmaceutical and chemical sectors led the gains, while the green power sector suffered steep losses.

"The Shanghai Composite index inched up 0.63 percent, while the Shenzhen Component index added 1.13 percent. And the blue chip CSI 300 index rose 0.56 percent. The slight strength came after China's industrial firms reported strong profit growth early in the year, reinforcing recovery signals in China even as the Middle East conflict threatens global growth," Wang said.

"Industrial profits grew 15.2 percent in the first two months over the same period last year. And among the sectors reporting the fastest profit growth were computer, communication and other electronic equipment manufacturing with a 200 percent rise during the period. Across the board today, the green power sector was outperforming, with Henan Yuneng Holdings and Jinneng Holding Shanxi Electric Power both jumping to the upper daily limit. Gains also were coming from pharmaceuticals, chemical industry and lithium battery sectors," said the analyst.

Chinese mainland stocks edge higher on Friday as strong industrial profit data lifts market sentiment

Israeli airstrikes have continued in southern Lebanon, triggering scenes of panic and widespread destruction.

As a result of the strikes, columns of smoke were seen rising into the sky as streets, houses, and vehicles were blanketed in soot. Residents recently recounted moments of terror during the strikes, saying Israeli warnings forced overnight evacuations.

According to local resident Gihane Abbas, they received warnings from the Israeli army ordering them to evacuate while they were sleeping. At that moment, Israeli planes arrived and bombed the houses and the infrastructure, cutting off all supplies and communication routes to the region.

The Israeli air force destroyed the building under the pretext that resistance fighters were inside. In reality, there were only women, young men, and children inside, according to Nour Tafla, another local resident.

Despite the ongoing raids and smoke rising over several neighborhoods, some residents insisted they would not abandon the city, vowing to remain -- and, if necessary, to die -- there with dignity and honor.

Israeli bombardment continues in southern Lebanon Israeli airstrikes hit southern Lebanon, residents recount terror