All sectors post gains as stocks rebound

Source: Xinhua | 2019-05-28

China stocks rebounded strongly yesterday with almost all sectors posting gains.

The Shanghai Composite Index jumped 1.38 percent to close at 2,892.38 points. The smaller Shenzhen Component Index surged by 2.31 percent to 8,979.83 points, while the blue-chip CSI300 index ended 1.2 percent higher at 3,637.2 points.

Turnover on the two major bourses totaled 452.67 billion yuan (US$65.63 billion), expanding sharply from the 380.91 billion yuan in the previous session.

Shares of over 100 companies listed on the A-share markets hit the 10 percent daily cap while no more than 200 posted declines.

Wind Information’s sub-indexes for almost all industry sectors performed well, with only office supplies shares edging down slightly.

Technology sectors posted the strongest gains, especially stocks related to integrate circuits, homemade chips and micro LEDs.

After the US placed China’s Huawei and a batch of high-tech companies on an “Entities List,” which prohibits American companies from exporting technology products to them, investors are paying more attention to domestic technology companies which are developing their own hardware, software and operating systems.

Computer software companies all saw sharp rises by the maximum 10 percent. The agricultural sector was also among the biggest gainers.