Chinese shares rally on grid-related stocks

Source: Xinhua| 2019-03-11 16:51:22|Editor: ZX
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BEIJING, March 11 (Xinhua) -- Chinese stocks staged a strong rally Monday, lifted by shares in the power grid and husbandry sectors.

The Shanghai Composite Index closed up 1.92 percent at 3,026.99, after a plunge of 4.4 percent Friday, its steepest daily fall since October. The Shenzhen Component Index surged 3.64 percent to end at 9,704.33.

Combined trading volume of the two indexes shrank to 944.46 billion yuan (around 140.54 billion U.S. dollars), from 1.18 trillion yuan the previous trading day.

Most stocks climbed, with gainers outnumbering losers by 1,367 to 75 on the Shanghai bourse and 2,047 to 70 on the Shenzhen bourse.

The husbandry sector led the gains, with the sub-index for the board up 6.93 percent. Shandong Yisheng Livestock & Poultry Breeding Co. and Hunan New Wellful Co., Ltd. both surged by the daily 10-percent limit to 45.27 yuan and 9.9 yuan respectively.

Smart grid and extra-high voltage power transmission-related stocks went up, boosted by a plan announced by the State Grid Corporation of China to push development of a new kind of smart power grid with the Internet of Things technology.

Shares of the Qingdao Hanhe Cable surged by the daily limit of 10 percent to 3.14 yuan. Henan Pinggao Electric Co., Ltd. and XJ Electric also rose by the 10-percent limit to 9.41 yuan and 11.76 yuan.

The ChiNext Index, the country's NASDAQ-style board of growth enterprises, gained 4.43 percent to close at 1,727.80 Monday.