Holiday magic lifts China's stock market

Yuan Luhang
The Shanghai Composite Index was up 0.99 percent, the Shenzhen Component Index rose 0.73 percent and the bluechip index CSI300 was up 0.84 percent.
Yuan Luhang
Holiday magic lifts Chinas stock market

China stocks rose on Friday, led by the electricity industry.

At the closing bell, the Shanghai Composite Index was up 0.99 percent to close at 3,396.56 points, and the Shenzhen Component Index rose 0.73 percent to end the day at 14,017.06 points. The bluechip index CSI300 was up 0.84 percent to close at 5,042.01 points.

Turnover on the two major bourses shrank to 739.8 billion yuan (US$113.1 billion).

“Looking into 2021, the Shanghai index could hit the 4,000-point level thanks to China’s solid economic recovery and continued policy support," Southwest Securities officials said in a report.

Most sectors were up, led by the electricity industry. Nine firms in the electricity sector hit the daily limit of 10 percent. The coal mining industry, one of the underlying pillars of the electricity industry, also performed strongly.

Soaring electricity consumption due to cold weather this month helped fuel the sector’s rise, along with the country's quick economic recovery.

Bucking the trend, liquor makers continued losing, extending two consecutive days of decreases as market regulators enhance supervision of liquor prices.

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