Local stocks post third day of gains

Huang Yixuan
Chinese markets continue rally amidst increased turnover. Real-estate and construction firms among the session's biggest winners.
Huang Yixuan

China stocks posted gains for the third consecutive session on Wednesday, led by strong performance from infrastructure shares.

The Shanghai Composite Index advanced 0.93 percent to 2,957.41 points. The smaller Shenzhen Component Index closed 0.69 percent higher at 9,700.32 points, while the blue chip CSI300 index also rose 0.84 percent to 3,886 points. 

Turnover on the two major bourses expanded to 605.82 billion yuan (US$84.71 billion), comparing with 564.41billion yuan on Tuesday.

Stocks of over 60 companies listed on the A-share markets skyrocketed by the daily cap of 10 percent.

Overseas capital continued to flow into the A-share markets for a fifth days in a row, with the net influx via stock connect schemes linking Shanghai and Shenzhen with the Hong Kong market totaling 5.7 billion yuan on Wednesday.

Real estate shares led the day's rally, with five A-share listed firms gaining the maximum 10 percent.

The construction sector and building material companies were also among the biggest gainers. Cendes Co, Xinjiang Communications Construction Group Co and FangDa Carbon New Material Co all had run-ups of 10 percent.

Petroleum and petrochemical firms, the iron and steel sector, and banks all saw stocks on the advance.

Wind Information sub-indexes for almost all industries posted gains, with only food and beverage, national defense and military, catering and tourism, and pharmaceutical firms dipping slightly.

On the newly launched SSE STAR Market, however, 25 out of the 28 STAR-listed companies posted declines, but all less than 5 percent.

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