Micro LED shares strong as shares edge up
Shanghai shares edged up on Monday with strong gains in the micro LED sector, while the ChiNext stocks retreated.
The benchmark Shanghai Composite Index rose 0.24 percent to end at 2,937.77 points, and the smaller Shenzhen Component Index also advanced 0.31 percent to 11,215.76 points.
The ChiNext Composite Index, however, dipped 0.59 percent to 2,153.56 points, while the blue chip CSI300 Index closed 0.52 percent higher at 4.021.95 points.
Total trade volume on the two major bourses expanded to 684.3 billion yuan (US$96.64 billion) from 631.5 billion yuan in the previous session, among which turnover on the Shanghai Stock Exchange added up to 274.6 billion yuan compared with 253.1 billion yuan on Friday.
Overseas capital continued to flow into the Chinese mainland for the 11th consecutive session, posting a net influx of 614 million yuan into the mainland markets via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.
Stocks of 50 listed companies jumped over 9 percent, while around 30 shares dropped by over 9 percent.
Micro LED shares performed strongly, with BOE Technology Group Co surging to hit the daily limit of 10 percent and Hongli Zhihui Group Co up by over 8 percent.
Shares related to Hainan Free Trade Port also led the gains, with Hainan Haide Industry Co soaring by the maximum 10 percent as relevant policies were released on Monday.
The free trade area of Hainan will focus on industries different from those in Hong Kong, and will play more of a complementary role – not a competitive rivalry – to Hong Kong, and the plan will not impact Hong Kong, said Lin Nianxiu, a deputy director of the top state planning agency, the National Development and Reform Commission.
Market entities will enjoy a batch of benefits in investment, tax and market access when doing business at the Hainan free trade port, according to Shen Xiaoming, governor of Hainan.
Insurance companies, petroleum firms, and the iron and steel sector all performed well.
On the STAR Market, meanwhile, 35 of the 107 listed companies gained, one remained flat, and the rest declined. The biggest gainer was Shenzhen Yanmade Technology Inc with a 210.87 percent surge, while Hangzhou Hopechart IoT Technology Co fell the most by 11.96 percent.