Securities firms leading surge in equities

Yuan Luhang
Stock brokerages, medical industry and tech shares boost China's main indexes as gainers outnumber losers by 1,570 to 109 on the Shanghai bourse and 2,098 to 142 in Shenzhen.
Yuan Luhang

China’s main equity indexes surged on Wednesday, led by stock brokerages, medical industry and tech shares.

At close, the Shanghai Composite Index was up 2.06 percent at 3,294.55 points, while the smaller Shenzhen Component Index advanced 3.12 percent.

The bluechip CSI300 index was up 2.42 percent and startup board ChiNext Composite Index was higher by 3.78 percent.

The new STAR 50 Index, which tracks the 50 biggest and most representative companies listed on the STAR Market, surged 5.45 percent.

Turnover on the two major bourses expanded to 1.05 trillion yuan (US$149.6 billion) from 897.4 billion yuan on the previous trading day.

Chinese mainland markets saw a net inflow of 10.1 billion yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

Most sectors gained with gainers outnumbering losers by 1,570 to 109 on the Shanghai bourse and 2,098 to 142 in Shenzhen.

Securities firms gained markedly, with share prices in the sector roaring 3.94 percent on average. Caitong Securities Co Ltd hit the daily limit of 10 percent.

The medical industry and tech firms also posted strong performances with six medical firms and 10 tech shares hitting the daily limit.

Guosheng Securities said: “The STAR board will be the main battlefield in the third quarter.”

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