Market sentiment improves to boost prices

Hu Yumo
Shanghai shares rose on Tuesday with automobile and liquor makers leading gains after investors turned optimistic due to economic data in the third quarter continuing to improve.
Hu Yumo

Shanghai shares rose on Tuesday as market sentiment improved, led by gains among consumer and electronics companies.

The benchmark Shanghai Composite Index added 0.47 percent to close at 3,328.10 points, while the smaller Shenzhen Component Index jumped 1.36 percent to 13,603.88 points.

Trading volume on the two major bourses added up to 667.4 billion yuan (US$99.9 billion), compared with the previous trading day’s 739.1 billion yuan. Turnover on Shanghai's main board was 227.8 billion yuan, a decline of 56.1 billion yuan over the previous day's 283.9 billion yuan.

Automobile and liquor makers led the gains on Tuesday, as investors turned optimistic after economic data in the third quarter continued to improve. A total of 43 listed firms posted gains of more than 9 percent, while one declined by over 9 percent.

Liu Qiang, chief analyst of new energy and electrical equipment at Kaiyuan Securities said: ”The recent good market performance of the new-energy sector is mainly due to the high prosperity of the industry. In particular, new-energy vehicles and photovoltaics are on an upward trend."

Beijing Yuanliu Hongyuan Electronic Technology Co Ltd added 5.7 percent to 87.2 yuan and Dongfeng Automobile Co Ltd climbed 4.48 percent to 5.26 yuan.

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