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Stocks extend gains for 2nd straight day
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SHANGHAI stocks yesterday rose for a second straight day, lifted by small-cap technology firms, while commodity-related shares rose due to the increased tension between Turkey and Russia.
The Shanghai Composite Index gained 0.9 percent to 3,648 points, while in Shenzhen, the Nasdaq-style ChiNext board for startups rose almost 3 percent to 2,898, its highest level for four months.
In Shanghai, Daheng New Epoch Technology Inc surged by the daily limit of 10 percent to 19.84 yuan (US$3.11), while Hundsun Technologies Inc climbed 5.6 percent to 74.95 yuan.
Gold miners also made gains after the price of the precious metal increased for the first time in three days as Turkey’s downing of a Russian jet fighter sparked safe-haven demand.
Shandong Gold Mining Co closed up 4.2 percent at 20.07 yuan, while Zhongjin Gold Corp added 3 percent to 10.08 yuan.
Brokerages extended their upward trend on reports that China’s securities regulator has canceled a rule requiring brokerages to keep a net long position for daily proprietary trading.
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