Shanghai stock index rises 0.57% today
Shanghai stocks closed up today, led by gains of telecommunication shares as the country's top economic planner said China has started research and development of 6G network.
The Shanghai Composite Index rose 0.57 percent to close at 3,307.17 points. For the week, the gauge added 1.62 percent.
Market sentiment was lifted after China's industry and information technology minister Miao Wei said today that China has started research and development of 6G network, which is the sixth generation of mobile communication technology.
Miao said that with the development of autonomous driving and application of drone, a high reliability, high bandwidth and wide coverage 6G network is needed. The research and development work has started since the end of last year.
More than 800 million mobile owners use 4G services which is 60 percent of the total mobile phone user base in China. With the upcoming of 6G, most consumers are expected to adopt high-speed mobile Internet services.
Shares of telecommunication perform well today. The telecommunication sector rose 4.03 percent, according to data from financial information provider Tonghuashun.
Zhongtong Guomai Communication Co Ltd surged by the daily limit of 10 percent to 36.74 yuan (US$5.80), Guangdong Super Telecom Co Ltd jumped 6.52 percent to 42.18 yuan and Datang Telecom Technology Co Ltd added 4.48 percent to 8.39 yuan.