China’s A-shares continue to rally, buoyed by rosy economic data

By Gobal Times Source: Global Times Published: 2020/8/3 18:03:41

An individual investor follows the stock market at a bourse in Nanjing, East China's Jiangsu Province, on Monday. The Shanghai Composite Index rose 5.6 percent, while trading volumes on the Shanghai and Shenzhen bourses surpassed 1 trillion yuan ($150 billion) on Monday. Photo: VCG

China's A-share markets staged a strong rally on Monday, with shares of technology companies, bio-medicine producers and satellite navigation system related businesses skyrocketing in prices. 

The Shanghai Composite Index increased 1.75 percent to 3,367.97 points, the Shenzhen Component Index was up 2.4 percent to 13,964.56 points, and the tech-heavy ChiNext board rose 2.63 percent to close at 2,868.88 points.

The Shanghai and Shenzhen stock exchanges Monday witnessed a combined turnover of 1.33 trillion yuan, surpassing 1 trillion yuan for four consecutive trading sessions.

Technology, satellite navigation system and medicine-related shares led the rally. Chengdu Leejun Industrial Co, a high-tech enterprise specializing in grinding technology and core equipment R&D, jumped by daily maximum range of 10 percent to close at 6.61 yuan per share. 

China Spacesat Corp, engaged in the operation of satellite applications, soared 10 percent percent too to end at 38.86 yuan.

Shanghai Pharmaceuticals Holding Corp saw its share price surge 10 percent to close at 22.55 yuan, and Tibet Rhodiola Pharmaceutical Holding Co saw shares jump 10 percent to 171.29 yuan.

For the so-called northbound traders - investors with Hong Kong stock market accounts who can buy Chinese A-shares via the HK-Shanghai or HK-Shenzhen Link system - net inflows topped 2.34 billion yuan Monday.

China's economic data have become rosier, as latest Caixin manufacturing PMI for July rose to 52.8 percent, highest since 2011, as China's economy rebounded rapidly after it largely put coronavirus outbreak under control. 

Global Times


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