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China stocks rise for 5th day

2014-07-30 08:07 Xinhua Web Editor: Qin Dexing

Chinese shares rose for a fifth consecutive trading day on Tuesday, as skyrocketing trading volume in the past few days has driven investors to believe in a looming bullish cycle.

The benchmark Shanghai Composite Index was up 0.24 percent to finish at 2,183.19 points. The Shenzhen Component Index gained 0.75 percent to close at 7,867.04 points.

Total turnover on the two bourses shrank slightly to 319.8 billion yuan (51.9 billion U.S. dollars) from 333.79 billion yuan the previous trading day.

The Shanghai Composite Index rose for a fifth consecutive trading day to reach its highest level since Dec. 13. The Shenzhen Component Index realized an eight-day winning streak to a five-month high.

Dalian Huaxun Investment Advisory Co., a financial analysis firm, said investor confidence was boosted by a surge in trading volume on Monday.

Trading volume for the Shanghai Composite Index climbed to its highest level since September on Monday, partly driven by upbeat industrial profit figures pointing to a strengthening economy.

Non-ferrous metal producers and plane manufacturers were among the strongest gainers on Tuesday, with sub-indices soaring by 1.97 percent and 1.71 percent respectively.

Yunnan Aluminum Co. and another seven companies in the non-ferrous metal sector rose by 10 percent, the upper limit a stock is allowed to rise or fall each trading day.

Avic Aircraft Co., a leading plane manufacturer, surged 6.12 percent to 11.45 yuan. Aerospace Hi-Tech Holding Group Co. rose 1.45 percent to 24.41 yuan.

Bucking the trend, PetroChina, the country's largest oil and gas producer, dropped 0.64 percent. China Shenhua, the largest coal miner in the nation, dived 1.5 percent. The Industrial and Commercial Bank of China, the country's No.1 commercial bank, was down by 0.28 percent.

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