A share Photo:VCG

China's A-share market rallied on Thursday, with all three major stock indexes gaining significantly, as Democratic presidential candidate Joe Biden has moved closer to victory in the US presidential race.

The benchmark Shanghai Composite Index was up 1.3 percent, the Shenzhen Component Index gained 1.72 percent, and the tech-heavy ChiNext index rose 1.36 percent.

The blue-chip CSI300 index gained 1.48 percent, led by the consumer staples sector, which added 1.61 percent.  

Automobiles, industrial hemp, and liquor sectors were among the top gainers.

The Hong Kong market also closed higher with the Hang Seng Index rising 3.25 percent, the highest daily gain since July 6, led by tech shares. Tencent was up by 6.2 percent, NetEase gained 7.26 percent, Alibaba rose by 6.28 percent and BYD surged by more than 16 percent.

Market analysts said the rally in the domestic market was also due to China's commitment to opening-up and becoming a greater market benefiting its economic partners.

The trend was in line with the momentum in the US stock market on Wednesday, when US stocks closed sharply higher after Democrat Joe Biden gained swing-state votes. Biden is also seen as supporting a less confrontational approach to China than current US President Donald Trump.

The broad S&P 500 index gained 2.2 percent to 3,443.44, its biggest one-day point and percentage increase since June. The Dow Jones Industrial Average rose 1.3 percent to 27,847.66. And the tech-heavy Nasdaq Composite jumped even more, gaining 430.21 points, or 3.9 percent, to 11,590.78, its best day since April.

Global Times