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Chinese shares surge with across-the-board gains
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Chinese equities experienced a big rally on Thursday with almost all stocks gaining, amid improving sentiment and expectation of more growth-supportive policies.
The benchmark Shanghai Composite Index advanced 2.32 percent to end at 3,338.07 points, closing above the 3,300-point mark for the first time since August 21.
The smaller Shenzhen index advanced 3.01 percent to close at 11,229.38 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, jumped 4.32 percent to close at 2,404.53 points.
Gainers outnumbered losers by 897 to 9 in Shanghai and by 1,405 to 24 in Shenzhen. Combined turnover amounted to 825.9 billion yuan (US$130.3 billion).
Leading stocks were in telecommunication equipment, electronics and information, aviation equipment manufacturing, software, and chemical fiber.
More than 140 shares jumped by the 10-percent daily limit, most of which were small-cap stocks.
The telecoms equipment sub-index, which covers more than 60 manufacturers soared over 5 percent, with eight firms jumping by the 10-percent daily limit, including Shanghai Potevio Co. Ltd.; Shenzhen Keybridge Communications Co. Ltd.; Zhuhai Dingli Communications Corp. Ltd.; and Nanjing Panda Electronics Co. Ltd.
The sub-index for electronics and information, which covers about 150 stocks, surged 4.3 percent, with 20 firms jumping by the 10-percent daily limit.
On Wednesday, China unveiled plans to upgrade its Internet infrastructure and the development of its logistics industry in rural areas, part of the government's efforts to encourage online spending among rural residents.
The telecoms upgrade will involve investment of at least 140 billion yuan, according to a statement released on Wednesday after a State Council executive meeting presided over by Chinese Premier Li Keqiang.
The market witnessed significant improvements to investors' sentiment since trading resumed on Oct. 8 following the week-long National Day holiday.
The key Shanghai index had gained nearly 300 points, or 9.4 percent, over the past six trading days since Oct. 8.
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