Stocks rise after Beijing announcement

Shanghai stocks rose on Tuesday after a government announcement in Beijing.

Market sentiment improved after China's central bank pumped 40 billion yuan (US$5.6 billion) into the financial system. The People's Bank of China injected the liquidity through 14-day reverse repos at an interest rate of 2.7 percent. 

The Shanghai Composite Index edged up 0.28 percent to close at 2,985.34 points.

Shares of consumer firms, pharmaceutical companies and telecommunication enterprises were among the biggest gainers.

Investors turned to optimism after Ning Jizhe, deputy head of the National Development and Reform Commission, told a press conference that the government would step up its efforts to further stabilize economic growth.

Koal Software Co Ltd rose 5.24 percent to 35.58 yuan and Kweichow Moutai Co Ltd added 3.05 percent to 1,184 yuan.