Stocks bounce back, but turnover plunges

Huang Yixuan
Shanghai shares inched up, and shares in Shenzhen jumped 1.1 percent.
Huang Yixuan

China stocks rebounded on Wednesday from earlier declines boosted by technology companies and shares related to hydrogen energy.

The Shanghai Composite Index edged up 0.09 percent to close at 3,201.61 points. The smaller Shenzhen Component Index jumped 1.1 percent to 10,236.27 points, while the blue chip CSI300 index ended 0.28 percent higher at 4,030.09 points.

Turnover on the two major bourses totaled 652.26 billion yuan, shrinking sharply from 733.01 billion yuan in the previous session. 

Stocks of 77 companies listed on the A-share markets soared by the maximum 10 percent.

Computer shares led the rally, with Inspur Electronic Information Industry Co, Hangzhou DPtech Technologies Co and Visionox Technology Inc all surging by the daily cap of 10 percent.

Meanwhile, Oganic LED-related stocks such as Tianma Microelectronics Co and Visionox Technology Inc also skyrocketed by the cap.

Chen Jinxin, deputy secretary general of the China OLED Industry Alliance, said on April 9 that the OLED market was estimated at US$25.5 billion in 2018 and forecast to rise to US$50 billion in 2022.

And OLED screens are expected to outperform LCD within two years.

Shares related to hydrogen energy were among the biggest gainers. Zhongtong Bus Holding Co and Xiamen King Long Motor Group Co both hit the daily cap.

Huang Libin, director of the Operation Monitoring and Coordination Bureau at China's Ministry of Industry and Information Technology, said on Tuesday that the Ministry will further step up its efforts to solve the difficult problems of industrialization and commercialization and promote the development of hydrogen energy and the domestic fuel cell-powered vehicle industry in China.

The agriculture, forestry, animal husbandry and fishery sectors also performed strongly.

Jiangxi Zhengbang Technology Co, Der Future Science & Technology Holding Group Co and Hunan Zhenghong Science and Technology Develop Co all posted rises that hit the 10 percent limit.

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