RCS-related companies extend market gains

Huang Yixuan
China stocks rebounded on Thursday following the release of a white paper on rich communication services by China Mobile, China Telecom and China Unicom on Wednesday.
Huang Yixuan

China stocks rebounded on Thursday, as shares related to rich communication services (RCS) extended strong gains.

The benchmark Shanghai Composite Index edged up 0.37 percent to 2,825.9 points, while the Shenzhen Component Index rose 0.74 percent to 10,463.05 points. The ChiNext Composite Index jumped 1.65 percent to 1,997.14 points and the blue chip CSI300 Index closed 0.33 percent higher at 3,792.81 points.

Total trading volume on the two major bourses shrank to 653.2 billion yuan (US$92.57 billion) compared with 674.1 billion yuan in the previous session, of which turnover on the Shanghai market added up to 247.4 billion yuan, 5.8 billion yuan less than on Wednesday.

Stocks of over 100 listed companies surged by the daily limit of 10 percent, while nine firms declined by the same amount.

Of note, 27 companies related to rich communication services rocketed by the 10 percent daily cap, including Pci-Suntek Technology Co, Montnets Rongxin Technology Group Co and Founder Technology Group Co.

On Wednesday, China Mobile, China Telecom and China Unicom released a white paper on 5G-based messaging services, saying that RCS will allow companies to improve interaction with users and customize their services through multimedia content.

The medical industry also performed strongly due to the large demand for medical equipment and supplies globally amid the COVID-19 pandemic. Shares of Inkon Life Technology Co, Edan Instruments and Intco Medical Technology Co all soared by the maximum 10 percent.

Culture and media shares, software services firms, and the diversified finance sector were also among big gainers.

Of the 94 companies listed on the STAR Market, 43 posted rises, two closed flat, while the rest declined. Jiangsu Jingyuan Environmental Protection Co gained the most by 102.58 percent, while Kingsemi Co fell the sharpest by 5.47 percent.

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