Chinese stocks boosted by stimulus pledge

China’s main equity indexes climbed on Tuesday, as Premier Li Keqiang promised more measures to lower financing costs for small firms.

The Shanghai Composite Index added 0.67 percent to 2,982.68 points, the Shenzhen Component Index jumped 1.32 percent to 10,189.29 points, and the blue chip CSI300 index increased by 0.65 percent to 3,992.96 points.

Premier Li Keqiang said the measures will include broad-based and “targeted” cuts to the reserve requirement ratio. 

Most shares gained, with the non-ferrous metals and materials industries posting the best performances.

Producers of lithium cell and semi-conductor materials lead the gains. New energy vehicles also had strong results on the day.

Jiangsu Cnano Technology Co Ltd, Sichuan Jinlu Group Co Ltd and Jiangyin Jianghua Microelectronics Materials Co Ltd all hit the daily cap.

Jewelers, banks and securities firms posted weak performances.

Turnover on the two major bourses totaled 375.7 billion yuan (US$53.56 billion).

On the STAR Market, all companies gained. The top four gainers all belong to the materials industry.