Stocks bounce back following Friday plunge
Print Edition
Chinese stocks posted a major rebound yesterday, with Shanghai shares climbing above the key 3,000-point level again, retrieving part of Friday’s losses which were the largest setback so far this year.
The Shanghai Composite Index rose 1.92 percent to close at 3,026.99 points amid a rally across various sectors. The smaller Shenzhen Component Index rose 3.64 percent to 9,704.33 points, while the ChiNext Index, China’s Nasdaq-style board of growth enterprises, surged 4.43 percent to 1,727.8 points.
The total turnover on the Shanghai and Shenzhen bourses reached 944.46 billion yuan (US$140.4 billion), compared with some 1.18 trillion yuan on Friday, a day which saw a dive of 4.4 percent in the Shanghai market and a tumble of 3.25 percent in the Shenzhen bourse.
Extra-high voltage power grids and smart grid shares, among others, were the biggest gainers, mainly boosted by a State Grid teleconference held last week that vowed to upgrade the country’s power network in phases. In contrast, financial shares posted rather minor increases.
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