Brokerages, developers and electric vehicle makers propel China markets higher on upbeat investor sentiment
- Shanghai Composite Index climbs above the key 3,000-point level
- Brokerages rise on speculation over trading tax cut
China markets climbed on Thursday on improved sentiment over favourable government polices, with securities brokerages, property developers and electric vehicle-related stocks leading the gains.
The Shanghai Composite Index widened gains in the final stretch of trading, climbing 0.9 per cent to 3,007.35. The benchmark has rallied above the key 3,000-point level five times since June, but has failed to consolidate gains.
The Shenzhen Component Index added 0.7 per cent, and the ChiNext Index rose 0.5 per cent.
Supportive new policies involving a number of sectors, including real estate, lifted market mood, while China confirmed an initial trade deal with the US was well under way.
China and the US are “going through a series of technical steps to sign the trade deal, including ensuring the legality of the document and the accuracy of translation,” Ministry of Commerce spokesman Gao Feng said in a press briefing on Thursday.
The two sides are in close contact on the signing of the deal, he said.