Medical firms lead gains in China stocks
China stocks extended gains on Tuesday, with medical and pharmaceutical shares performing strongly.
The Shanghai Composite Index rose 0.74 percent to close at 2,992.9 points, while the smaller Shenzhen Component Index advanced 0.9 percent to 11,484.21 points. The ChiNext Composite Index jumped 1.78 percent to 2,173.35 points and the blue chip CSI300 Index ended 0.53 percent higher at 4,091.36 points.
Total trade volume on the two major bourses was 1.18 trillion yuan (US$168.48 billion) compared with the previous session’s 1.03 trillion yuan. It was the 10th consecutive session that posted turnover of over 1 trillion yuan, the first time since July 30, 2015.
Overseas capital continued to pour into A-share markets. As of the closing on Tuesday, the Chinese mainland saw a net inflow of 480 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.
Stocks of nearly 120 listed firms surged by the daily limit of 10 percent. Sub-indexes of almost all industry sectors posted gains, according to Wind Information.
Among them, medical and pharmaceutical shares led the rises, with 10 companies soaring by the daily cap of 10 percent, including Andon Health Co, Sonoscape Medical Corp and Shenyang Xingqi Pharmaceutical Co.
Computer companies, especially those related to cloud computing and 5G, were also among the biggest gainers. Yimikang Tech Group Co, Gosuncn technology group Co, and Fujian Boss Software Corp were all up by 10 percent.
The National Radio and Television Administration held a tele-conference in Beijing late on Monday, launching integration of the national cable television network and the administration's integrated development of 5G.
The national defense and military industry, financial shares, and food and beverage companies also performed well.
On the STAR Market, 78 of the 91 listed firms gained while the others declined. Ucloud Technology Co posted the biggest increase of 20 percent, the board’s daily cap.