Shanghai shares end above 3,000 points

Tracy Li
Electronics sector posts a strong performance boosted by Huawei's new Mate 30 series, the world's first second generation 5G smartphones, unveiled on Thursday. 
Tracy Li

China’s A-share markets closed fixed on Friday, with the Shanghai index returning to stand above the 3,000-point mark after many fluctuations during the day.

The benchmark Shanghai Composite Index gained 0.24 percent to finish at 3,006.45 points after a higher opening.

The smaller Shenzhen Component Index edged up 0.29 percent to close at around 9,881.25, while the ChiNext Index declined 0.03 percent to finish at 1,705.05 points.

The combined turnover of the two bourses came to 546.9 billion yuan (US$77.1 billion), compared with the previous day’s volume of 491.4 billion yuan.

Boosted by China's telecom giant Huawei’s new Mate 30 Series, the world's first second-generation 5G smartphones unveiled on Thursday, the electronics sector posted a strong performance. Machinery and equipment, medicine and biology, food and beverage companies were among the top performers.

A total of 52 stocks surged by the daily cap of 10 percent in the A-share market.

On Friday, the People's Bank of China pumped 120 billion yuan into the market through 7-day and 14-day reverse repos, aiming to maintain stable liquidity within the financial system near the end of the third quarter, according to its statement.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

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