(ECNS) -- China's A-share market capitalization surpassed 100 trillion yuan (about $13.9 trillion) Monday, setting a record and marking the first time the market has crossed the 100 trillion yuan threshold, according to financial data provider Tonghuashun.
The Shanghai Composite Index rose by 0.85% to 3,728.03 points at Monday's close, marking its highest level in nearly a decade. The Shenzhen Component Index climbed by 1.73% to 11,835.57 points, while the ChiNext Index jumped by 2.84% to 2,606.20 points.
Nearly 4,500 individual market stocks in the entire market rose, with 111 stocks hitting the daily limit. In terms of sectors, the Indices for tech, media, and communications led gains, each up more than 3%. Wind indices for communication equipment, software, cultural media, electronic components, and the internet led the gains among all industry sectors, with each surging by over 3%.
Industrial Securities noted that the market rally is fuelled by new growth drivers supported by government policies, which have boosted investor confidence and attracted steady inflows of capital into A-shares.
Analysts said the rally was driven largely by financial and technology sectors and is expected to continue in the short term.
(By Zhang Dongfang)
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