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August 11, 2020

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Decoration sector lifts city bourse

By Huang Yixuan | 00:00 UTC+8 August 11, 2020 | Print Edition

Shanghai stocks closed higher yesterday, led by the construction and decoration sector.

The benchmark Shanghai Composite Index rose 0.75 percent to 3,379.25 points and the smaller Shenzhen Component Index edged up 0.06 percent to 13,657.31 points.

The ChiNext Composite Index, however, dipped 0.53 percent to 2,375.26 points, while the blue chip CSI300 Index closed 0.36 percent higher at 4,724.87.

China’s factory-gate deflation eased in July compared with June, driven by higher prices of oil and other major raw materials as the global economy, including China’s, recovered from the worst phase of the pandemic, which to some extent boosted investors’ confidence.

Trading volume on the two major bourses continued to exceed 1 trillion yuan, adding up to 1.16 trillion yuan (US$116 billion) yesterday although shrinking from the 1.26 trillion yuan in the previous session.

Overseas capital flowed into the mainland markets, posting a net influx of 7.37 million yuan via Stock Connect schemes.

Among industries, construction and decoration shares performed well, with Sinoma International Engineering Co, Zhejiang Communications Technology Co and China Nuclear Engineering Corp all surging by the daily limit of 10 percent.

Shares related to China Broadcasting Network also soared. Shaanxi Broadcast & TV Network Intermediary Group Co and Beijing Gehua CATV Network Co both soared by the maximum 10 percent.

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