China stocks post gains for 5 days in a row

Huang Yixuan
Overseas capital flows into the China mainland with a net influx of 236 million yuan via the Stock Connect schemes linking the mainland market with Hong Kong.
Huang Yixuan

China stocks continued to rise on Wednesday to post gains for five trading sessions in a row, with turnover exceeding 1 trillion yuan for the third consecutive day.

The benchmark Shanghai Composite Index increased 0.63 percent to 3,550.88 points, and the smaller Shenzhen Component Index edged up 0.26 percent to 15,187.61 points.

The STAR 50 Index, however, fell 0.71 percent to 1,415.02 points, while the ChiNext Composite Index closed 0.55 percent higher at 3,115.09 points.

Trading volume on the two bourses added up to 1.21 trillion yuan (US$187.91 billion), down 53 billion yuan from the previous session. Among them, turnover on the Shanghai market totaled 521.8 billion yuan, 46.2 billion yuan lower than Tuesday.

Among A shares, nearly 60 surged to hit the daily cap, while 36 tumbled by the daily limit.

However, nearly 3,000 stocks posted declines, while only 1,053 gained, according to data from Wind Information.

Overseas capital turned to flow into the China mainland, with a net influx of 236 million yuan via the Stock Connect schemes linking the mainland market with Hong Kong, among which the Shanghai market posted a net inflow of 1.87 billion yuan, while Shenzhen posted a net outflow of 1.63 billion yuan.

In terms of industries, the energy device sector led the rises. The ChiNext-listed LandOcean Energy Services Co soared by the maximum 20 percent, while Zhongman Petroleum and Natural Gas Group Corp listed on Shanghai's main board jumped to hit the daily limit of 10 percent.

Bio-tech shares were also among the big gainers, with Guangdong Hybribio Biotech Co surging 13 percent and Wuhan Easy Diagnosis Biomedicine Co up by the 10 percent cap.

Building material firms, banks, shares related to cement and the paper-making industry all performed strongly, while motorcycle companies, semiconductor silicon wafer firms and stocks related to micro LEDs posted losses.

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