Markets rebound, Shanghai closes above 3,000
Print Edition
China’s stock markets rose yesterday, with the Shanghai Composite Index rebounding to above 3,000 points.
Led by the strong performance in pharmaceuticals and biomedicine, the index rose 0.85 percent or 25.62 points to finish at 3,022.72.
The Shenzhen Component Index rose 1.01 percent to end at 9,609.44 points, while the ChiNext Index gained 0.46 percent to finish at 1,637.77 points.
North China Pharmaceutical Group Corp, a leading pharmaceutical manufacturer based in Hebei Province, saw its shares up by the daily 10 percent cap to close at 5.34 yuan (79 US cents).
Food and beverage makers, leisure services providers and building materials manufacturers were among the top gainers.
On Tuesday, the Ministry of Finance, together with three other ministries issued a notice which proposed to reduce subsides for new energy passenger cars, new energy buses and new energy trucks.
Gu Yongtao, a strategy analyst at Cinda Securities, told Caixin.com that the move will speed up further consolidation within the new energy automobile industry and companies with core technologies and technological barriers will have more room for development in the future.
Guoyuan Securities advises investors to focus on sectors such as computers and medicine that offer high-quality growth potential and leading players with good business performances.
Overnight on Wall Street, stocks recovered while the US benchmark 10-year Treasury yield rose. The market was hit hard on Friday and flat on Monday as a US Treasury yield curve inversion raised worries about a recession.
European stocks were under pressure yesterday morning, as investors took a cautious stance about a potential recession in the US economy.
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