Markets close higher after early losses
China’s A-share markets bounced back from early losses yesterday, lifted by strong performances from communications companies and financial institutions.
The Shanghai Composite Index jumped 2.39 percent or 75.81 points to close at 3,253.60. The smaller Shenzhen Component Index added 2.33 percent to end at 10,287.64 points. The two bourses opened lower, but recovered thanks to a rally in banking and brokerage-house stocks.
The ChiNext Index gained 1.84 percent to finish at 1,697.53 points.
Combined turnover came to 791.0 billion yuan (US$117.7 billion), up from 775.7 billion yuan the previous trading day.
5G-related companies led the day’s gains, with ZTE Corporation, a Shenzhen-based leader in telecommunications and information technology, surging by the daily maximum 10 percent to end at 33.55 yuan.
Yang Hai, a senior strategist at Kaiyuan Securities, was quoted by Caixin.com as saying that countries and regions throughout the world are competing fiercely in 5G, fueling big gains in the sector.
The recovery in stocks also came amid signs of resilience in the property market. Home prices in 70 major cities edged higher in March, according to the latest data from the National Bureau of Statistics.
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