BEIJING, 8th October, 2024 (WAM) -- China's A-share market experienced another significant surge on Tuesday, the first trading day following the week-long National Day holidays, fuelled by a range of recent stimulus measures.
The ChiNext Index recorded its largest single-day gain on record, while total trading volume on the Shanghai and Shenzhen stock exchanges reached CN¥3.45 trillion yuan (US$488.9 billion), an increase of ¥860 billion from the previous trading day, setting a new historical high.
At Tuesday’s close, the Shanghai Composite Index rose by 4.59 percent, the Shenzhen Component Index shot up by 9.17 percent, and the ChiNext Index skyrocketed by 17.25 percent.
In terms of sector performance, financial stocks remained robust with 48 brokerage stocks hitting their daily price ceilings. The semiconductor sector saw a strong opening, with over 200 stocks hitting their daily limits.
The Shanghai Composite Index opened up by 10.13 percent, the Shenzhen Component Index rose by 12.67 percent, and the ChiNext Index surged 18.44 percent at market opening.
Just 20 minutes after the market opened on Tuesday, trading volume on the Shanghai and Shenzhen bourses surpassed ¥1 trillion, setting a new record for the fastest time to reach this amount.
The enthusiasm for the stock markets overwhelmed the trading systems, leading to some trading hiccups and delays, which were reported on multiple trading platforms.
“A series of significant policies have lifted investor expectations. The intensified efforts in monetary and fiscal policy to promote sustained economic recovery are further lifting market confidence,” Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Tuesday.
During a press conference on Tuesday, China’s National Development and Reform Commission (NDRC) said that the country will accelerate the implementation of a set of incremental pro-growth policies.
With the economy facing downturn pressure, the country will focus on counter-cyclical policy adjustment, ramp up efforts to boost domestic consumption and improve people's livelihood, give more support to businesses in operational difficulty, try to stabilise the real estate market and shore up the capital market, the NDRC said.