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Chinese shares edge up Tuesday on revived market confidence
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Chinese shares sat on solid gains Tuesday and extended the winning streak to a fourth day, standing firmly above the 3,000-point mark.
The benchmark Shanghai Composite Index gained 1.45 percent to 3,053.07 points. The smaller Shenzhen index posted a 2.51 percent increase to end the day 10,640.27 points.
The ChiNext Index, China's NASDAQ-style board of growth enterprises, saw the most remarkable gains among all indices, closing 3.36 percent higher at 2,279.52 points.
Total turnover on the two bourses swelled to 713.61 billion yuan (US$110.36 billion), up from 582.99 billion yuan on the previous trading day.
Gains were spread across all sectors with no exception, small-caps stocks and startups lead the surge.
Sub-indices related to electricity, textiles and transportation were among Tuesday's top gainers.
Chinese shares opened cautiously lower and remained sluggish on Tuesday morning, before the small-caps lead the broader indices to soar near the midday break and finally landed above the 3,050-point mark at closing.
Data indicated a net inflow of funds for 19 consecutive days through the Shanghai-Hong Kong Stock Connect to Shanghai, signaling positive sentiment among investors on China's stabilizing stock market.
The ongoing reforms in state-owned enterprises have also fueled speculation over more state-owned capital investment in Chinese stocks.
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