China stocks keep upward momentum following rate cut
CHINA stocks rose for the third consecutive session on Tuesday, with the market maintaining momentum generated by the central bank’s interest rate cut over the weekend.
Most sectors were up but real estate and banking stocks dipped on profit-taking. Shenzhen’s start-up board ChiNext remained bullish, jumping over three per cent to fresh highs.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.2 percent, to 4,747.42, while the Shanghai Composite Index gained 1.6 per cent, to 4,401.22 points.
Among the most active stocks in Shanghai were GD Power , up 10.1 per cent to 7.22 yuan; China State Construction, up 2.8 per cent to 10.34 yuan and China Shipbuilding, up 7.5 per cent to 15.13 yuan.
In Shenzhen, BOE Technology eased 0.2 per cent to 4.39 yuan; Suning Appliance was up 5.5 per cent at 18.65 yuan and TCL Corp was down 0.5 percent at 6.06 yuan. They were among the most actively traded. Total volume of A shares traded in Shanghai was 51.9 billion shares, while Shenzhen volume was 33.2 billion shares.
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