Stocks rebound on back of strong performances

2020-01-08 02:53:13 GMT2020-01-08 10:53:13(Beijing Time) Sina English

Shanghai stocks rebounded on Tuesday with a strong performance in financial sector and technology shares and coal producers also pushing up the index.

The benchmark Shanghai Composite Index climbed 0.69 percent to 3,104.80 points with the blockchain sector and Internet marketing services companies surging in the afternoon session. Turnover stood at 288.1 billion yuan (US$41.2 billion).

Blockchain-related shares rose as new applications in a wide number of areas are expected to boost listed companies' performance.

Feitian Technologies Co surged by the daily limit of 10 percent. Shenzhen Kingsun Science & Technology Co Ltd advanced 4.05 percent to 14.64 yuan.

Coal Mining was among the biggest gainers after coal prices picked up ahead of the Chinese New Year holiday as market leaders cut inventory. 

 Datong Coal Industry Co rose 1.58 percent to 4.49 yuan. Both Shanxi Coal International Energy Group Co and Anyuan Coal Industry Group Co went up 10 percent.

New marketing formats such as live-streaming caught investors' attention as interactive marketing agencies are set to benefit from this new trend. 

Kaiser (China) Culture Co rose by the daily limit of 10 percent and Meisheng Cultural & Creative Corp advanced 5.15 percent to 7.76 yuan. Wuhu Sanqi Interactive Entertainment Network Technology Group shot up 7.4 percent to 30.62 yuan.

Pacific Securities said the Shanghai index could climb to nearly 3,600 points in 2020 as the stock market would benefit form a relatively loose monetary policy around the world which would also boost the performance of banking and property sectors.

(Agencies)

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