Decision at Osaka summit sees shares soar
Shanghai stocks skyrocketed on Monday to close beyond the 3,000-point level, hitting an over-two-month high after China and the US agreed to restart trade talks.
The benchmark Shanghai Composite Index posted a tremendous run-up of 2.22 percent to end at 3,044.9 points. The smaller Shenzhen Component Index also soared 3.84 percent to 9,530.46 points, while the blue chip CSI300 index surged 2.88 percent to 3,935.81 points.
Chinese President Xi Jinping and the US President Donald Trump agreed to restart economic and trade consultations between the two countries on the basis of equality and mutual respect at the Group of 20 Osaka summit on Saturday.
They also agreed that the US side will not add new tariffs on Chinese exports.
Wind Information's sub-indexes for all industries posted gains, and stocks of over 100 companies listed on the A-share markets surged by the daily limit of 10 percent.
Electronic component firms led the rise, with over 20 companies in the sector including Shenzhen Everwin Precision Technology Co, Nanjing Huadong Electronics Information & Technology Co and San'An Optoelectronics Co all jumping by the maximum 10 percent.
The household appliances sector also performed strongly. Hangzhou Star Shuaier Electric Appliance Co and Ninbo Sunglight Electrical Appliance Co both posted gains hitting the 10 percent daily cap.
Computer shares, the food and beverage sector, and stocks related to OLED and micro LED were all among the big gainers.
Kweichow Moutai Company's intraday share price hit a new high of 1,035 yuan (US$152.2), making its total market value higher than that of the Agricultural Bank of China to become the fourth largest among A-shares.