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Chinese A-shares closed higher on Tuesday, with the benchmark Shanghai Composite Index up 0.8% to 3,277.4, the Shenzhen Component Index up 0.95% and the tech-heavy Chinext Price Index up 0.3%.
Property developers led the gains, with an index tracking the sector compiled by Wind Information surging by 3.9% and several developers including Calxon Group, CREC surging the daily limit of 10%. Some stalled property projects in China resumed construction as more local governments pledged to take action to safeguard homebuyers’ rights.
The two-day rebound in property developers’ shares was mainly driven by positive news from the authorities, and investors should closely watch the progress in the implementation of the government’s positive measures, analysts say.
Oil companies, petrochemical companies, education firms, coal miners, airport operators and precious metal companies also outperformed. In contrast, biotech companies and drugmakers were mostly lower.
Tourism companies, catering companies and hotels rallied after the authorities pledged to step up financial support to boost recovery in cultural and tourism industry.
