Investors optimistic on consumption pledge

Shanghai stocks rose on Tuesday as market sentiment improved after the country said it will further promote domestic consumption.

The benchmark Shanghai Composite Index added 0.81 percent to close at 2,898.58 points.

The smaller Shenzhen index was up 1.21 percent to 11,052.85 points while the blue chip CSI300 Index closed 0.85 percent higher at 3,956.25 points.

Investor optimism returned after the Ministry of Commerce said it would speed up the return of shopping malls, markets and other services, and promote consumption.

Turnover on the two major bourses added up to 641.5 billion yuan (US$90.2 billion), compared with the previous trading day’s 731.8 billion yuan. Turnover on the Shanghai Stock Exchange was 256.3 billion yuan, down from the previous day’s 289.1 billion yuan.

Semiconductors, electronics and transport shares were among the biggest gainers on the A-share market.

Jilin Sino-Microelectronics Co Ltd jumped 7.18 percent to 9.85 yuan and Zhejiang Tiancheng Controls Co Ltd rose 6.04 percent to 6.32 yuan.