Stocks continue on upward path

Huang Yixuan
Biggest daily gain in over two weeks is recorded as media sector leads the gains with stocks related to online gaming posting sharp increases. 
Huang Yixuan

Chinese stocks continued to rise on Tuesday to the biggest daily gain in over two weeks.

The benchmark Shanghai Composite Index advanced 0.85 percent to 2,933.99 points. The smaller Shenzhen index was up 1.8 percent to 9,889.75 points, while the start-up board ChiNext Composite index was higher by 2.77 percent to post the biggest one-day increase over the past three months. The blue chip CSI300 index also closed 1 percent higher at 3,947.04 points.

Turnover on the two major bourses added up to 418.33 billion yuan (US$59.59 billion), compared with 364.23 billion yuan in the previous session. 

Stocks of 74 companies listed on the A-share markets rose by the daily limit of 10 percent.

The media sector led the gains, among which stocks related to online gaming all posted sharp increases. More than 10 online gaming companies saw their stock prices surging by the daily cap of 10 percent, including Kingnet Network Co, Zhejiang Juli Culture Development Co and Dinglong Culture Co.

Microsoft recently said it planned to launch its cloud gaming service xCloud in 2020.

Building material firms also extended the rally. Gansu Shangfeng Cement Co soared by the maximum 10 percent, while Guangdong Tapai Group Co, Guangdong KinLong Hardware Products Co and Jiangxi Wannianqing Cement Co all jumped by over 6 percent.

Computer companies, the non-ferrous metal sector, and pharmaceutical shares were all among big gainers in the session.

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