Shanghai stocks keep rising

Huang Yixuan
Insurance companies do well by pulling up strongly in the afternoon session while office supplies, liqor and integrated circuit sectors also perform strongly.
Huang Yixuan

Shanghai stocks continued to rise on Wednesday to mark gains for the fourth consecutive session, while Shenzhen shares dipped slightly.

The benchmark Shanghai Composite Index climbed by 0.16 percent to close at 2,914.7 points. The Shenzhen Component Index, however, lost 0.28 percent to 9,010.36 points, while the blue chip CSI 300 index ended 0.23 percent lower at 3,663.91 points. 

Turnover on the two major bourses shrank to 445.93 billion yuan (US$64.55 billion), compared with 499.53 billion in the previous session.

The rare earth permanent magnet sector skyrocketed, of which the Wind Information's sub-index soared 6.78 percent. All related shares posted gains, among which stocks of nine A-share companies surged by the daily limit of 10 percent.

Insurance companies pulled up strongly in the afternoon session. The People's Insurance Co (Group) of China jumped 8.85 percent, and New China Life Insurance Co and China Pacific Insurance (Group) Co both advanced by over 7 percent.

Stocks related to soybean were also among the biggest gainers. Hefei Fengle Seed Co hit the 10 percent daily cap and Zhongnongfa Seed Industry Group rose 8.56 percent.

Office supplies shares, the liquor sector, and stocks related to integrated circuits all performed strongly.

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