Stocks close higher as sentiment improves

Shanghai stocks closed higher on Wednesday as market sentiment improved.

The benchmark Shanghai Composite Index rose 0.60 percent to close at 2,843.98 points.

Agriculture, consumer and audio visual equipment shares were among the biggest gainers.

Agriculture shares rose after the agriculture ministers in G20 countries vowed on Tuesday to work hard to ensure the continued flow of food, products and inputs essential for agricultural and food production across borders.

Officials from G20 countries highlighted cooperation with relevant international organizations to strengthen international cooperation to limit the impact of COVID-19 on food security.

China’s Ministry of Agriculture and Rural Affairs said earlier that the nation’s grain production will be generally good in 2020. The ministry said there is a high possibility of a bumper grain harvest this year and grain security can be guaranteed.

Jiangsu Provincial Agricultural Reclamation And Development Co Ltd jumped 6.82 percent to 10.8 yuan (US$1.52) and JinJian Cereals Industry Co Ltd surged 9.98 percent to 11.24 yuan.

The liquor sector rose in the afternoon session and led the gains in consumer shares. Kweichow Moutai Co Ltd added 3.71 percent to 1,244.50 yuan.