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Internet, technology shares lead stock market gains

Internet, technology and media stocks led rises in Chinese shares on Thursday.

Major indices swung between negative and positive territory all morning, but the benchmark Shanghai Composite Index gained 1.2 percent to close at 2,904.83 points, while the Shenzhen index ended 3.41 percent higher at 9,791.85 points.

Total turnover on the two bourses expanded to 572 billion yuan (US$88 billion) from Wednesday's 423.2 billion yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, soared 5.55 percent to close at 2,087.29 points, reversing consecutive falls in the past two sessions.

Over 600 stocks climbed by 5 percent, with nearly 90 stocks rising by the 10-percent daily limit. Only 36 stocks posted losses.

Internet finance shares led the increases. Hundsun Technologies Inc. jumped by the daily limit of 10 percent to close at 47.1 yuan.

Shares related to artificial intelligence were among the big gainers. Hanwang Technology Co. added 5.41 percent to close at 22.6 yuan. Unisplendour Corp., a high-tech company specializing in electronics and information technology, climbed 5.11 percent to end at 57.55 yuan.

Media companies also closed broadly higher. Beijing Bashi Media Co. increased by the 10-percent daily limit to 12.63 yuan.

Strong gains in Internet and technology stocks offset selling in the finance sector. Industrial and Commercial Bank of China, the country's biggest lender by market value, dipped 0.69 percent to close at 4.39 yuan. Bank of China, the second-biggest lender, closed down 0.29 percent at 3.43 yuan.


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