Stocks extend gains on high turnover
Print Edition
China stocks extended their strong gains yesterday, with overall turnover expanding sharply.
The benchmark Shanghai Composite Index rose 0.73 percent to end at 3,528.68 points, while the smaller Shenzhen Component Index jumped 2.16 percent to 15,147.57 points.
The STAR 50 Index, meanwhile, closed 0.21 percent higher at 1,425.16 points, and the ChiNext Composite Index advanced 0.65 percent to 3,097.98 points.
Total trading volume on the two major bourses further expanded sharply to 1.27 trillion yuan (US$195.87 billion) from 1.16 trillion yuan in the previous session. It was the second consecutive day of turnover above 1 trillion yuan. Turnover on the Shanghai market was 568 billion yuan, up 44.6 billion yuan.
However, capital continued to flow out of the Chinese mainland, with a net outflow of 4.44 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.
Despite the overall strong performance in the major indexes, the number of listed companies posting losses was higher than that of firms gaining in the session.
Among A-shares, almost 100 surged to hit the daily cap, while 40 tumbled by the daily limit.
Yuekai Securities said that with the continued expansion in market turnover, the rebound is expected to continue. “As 2021 marks the opening year of the 14th Five-Year Plan, we suggest investors focus more on technology, consumption and pro-cyclical shares,” it said.
Petrochemical stocks led the gains in industry sectors, with Hengli Petrochemical Co soaring by the maximum 10 percent and Jiangsu Eastern Shenghong Co up by over 6 percent.
Liquor shares were also among the big gainers, with three Shanghai-listed firms — Jiangsu King’s Luck Brewery Joint-Stock Co, Sichuan Swellfun Co and Anhui Yingjia Distillery Co — all hitting the 10 percent cap.
More attention is being paid to the leading baijiu stocks recently as they continued to perform strongly. Companies such as Kweichou Moutai and Wuliangye Yibin Co both saw their stock price hitting record highs. However, market regulators were also watching the sector closely to prevent marketing hype.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
