Shanghai stock market regains 3,000 line

Rich Zhu
Markets rally after shares in technology and securities industries see a surge with the Shanghai Composite Index getting back above 3,000 points. 
Rich Zhu

Chinese stocks rallied on Thursday with a surge in technology and securities industries.

The benchmark Shanghai Composite Index gained 1.84 percent to close at 3,030.15 points. The Shenzhen Component Index surged 2.43 percent to 11,509.09 points. 

Trading volume on the two bourses increased to 1.07 trillion yuan (US$152.9 billion), compared with 1.04 trillion yuan in the previous session. 

The GEM (China Growth Enterprise Market) index rallied 2.21 percent to 2,186.74 points. But only 17 of total 87 shares gained in the SSE STAR Market.

The increase in trade volume and recovered market confidence have boosted securities shares, which still depend heavily on commission fees. 

CITIC Securities surged 5.92 percent to close at 25.42 yuan while Huawei Securities gained 5.20 percent to 20.45 yuan.

Huawei is to launch a new flagship model with foldable screen next week. The new smartphone release news, from Huawei, Xiaomi to Vivo, fueled technology shares offering screens, cameras and other components.

TCL, which may offer screens for the new smart devices, surged 10 percent daily cap to close at 6.70 yuan.  

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