Real estate, banks lead shares in rebound

Source: Xinhua | 2019-02-28

Shanghai stocks bounced back yesterday from the previous day’s retreat, boosted by the banking and real estate sectors.

The benchmark Shanghai Composite Index edged up by 0.42 percent to 2,953.82 points. But the smaller Shenzhen Component Index lost 0.92 percent to close at 9,005.77 points, and the blue chip CSI300 index dipped 0.17 percent to 3,678.39 points.

Total turnover on the Shanghai and Shenzhen bourses shrank sharply to 891.24 billion yuan (US$133.42 billion) from nearly 1.1 trillion yuan on Tuesday.

Stocks related to venture capital performed strongly, with six companies surging by the daily limit of 10 percent. Liquor shares also posted strong gains.

Newly installed Chairman of the China Securities Regulatory Commission Yi Huiman told reporters at his first press conference that preparations for China’s new science and technology innovation board are in full swing.

“The main purpose of setting up the new board is to enhance the inclusiveness of the capital market in the real economy,” Yi said.

“And to better serve enterprises with core technology, bright prospects and good reputations.”