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Thursday, Jul 29, 2021

Chinese shares close higher, finish Year of Rat on upbeat note

Chinese shares close higher, finish Year of Rat on upbeat note

Chinese stocks closed higher Wednesday with the benchmark Shanghai Composite Index up 1.43 percent, at 3,655.09 points, wrapping up the lunar year on an upbeat note.
China's stock market posted solid growth in the Year of the Rat, with two major bourses -- the benchmark Shanghai Composite Index and the Shenzhen Component Index -- gaining nearly 20 percent and more than 40 percent, respectively.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, surged more than 70 percent during the Chinese Rat year, which runs from Jan. 23, 2020 to Feb. 10, 2021.

The liquor-related sector was among the biggest winners throughout the Rat year, driving surges in the entire beverage sector. Firms in the vaccines and medical equipment sectors also fared well.

On Wednesday, the Shenzhen Component Index closed 2.12 percent higher at 15,962.25 points and the ChiNext Index was up 2.39 percent to close at 3,413.81 points.

The combined turnover of stocks covered by Shanghai and Shenzhen indices stood at 875.32 billion yuan (about 135.94 billion U.S. dollars), expanding from 837.4 billion yuan on the previous trading day.

Stocks related to consumer electronics, eye care and titanium dioxide led the gains, while businesses in graphite electrode, coal processing and banking were among the losers.

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