Brokerage, tourism shares help fuel market rally

Hu Yumo
The Shanghai Composite Index rose 2.07 percent to close at 3,338.09 points, while the smaller Shenzhen Component Index rose 1.77 percent to 13,245.09 points.
Hu Yumo

China stocks jumped on Friday, led by gains among brokerage and tourism companies.

The benchmark Shanghai Composite Index rose 2.07 percent to close at 3,338.09 points, while the smaller Shenzhen Component Index rose 1.77 percent to 13,245.09 points. For the week, the Shanghai Composite Index added 2.38 percent.

Market sentiment lifted after China's central bank on Friday continued to pump cash into the banking system via reverse repos.

The People's Bank of China injected a total of 170 billion yuan (US$25.15 billion) into the market, including 110 billion yuan through seven-day reverse repos at an interest rate of 2.2 percent and 60 billion yuan of 14-day contracts at an interest rate of 2.35 percent.

Trading volume on the two major bourses added up to 835.7 billion yuan, compared with Thursday’s 753.6 billion yuan. Turnover on Shanghai's main board was 337 billion yuan, an increase of 57.7 billion yuan over the previous day's total.

A total of 68 listed firms posted gains of more than 9 percent, while 10 declined by over 9 percent.

CITIC Securities Co Ltd said incremental funds have provided upward momentum for the A-share market.

Special Reports
Top