China’s stocks end Thursday’s session with gains
Date
11/7/2024 8:41:29 AM
(MENAFN) Chinese Stocks closed higher on Thursday, with the benchmark Shanghai Composite index rising by 2.57 percent to reach 3,470.66 points. The Shenzhen Component Index also saw a significant increase, closing up 2.44 percent at 11,235.92 points. The combined turnover of both markets surpassed 2.5 trillion yuan (approximately 348.87 billion U.S. dollars), though it was slightly lower than the previous day's 2.56 trillion yuan.
The day's gains were led by strong performances in the Baijiu (Chinese liquor) and insurance sectors, which saw notable increases. On the other hand, sectors related to precious metals and the military industry experienced significant losses, reflecting broader market dynamics. These mixed results highlighted the sector-specific volatility within the Chinese stock market.
The ChiNext Index, which tracks China's Nasdaq-style board for growth enterprises, experienced a notable surge of 3.75 percent, closing at 2,350.76 points. This strong performance indicated investor optimism for smaller, high-growth companies within China’s economy, which has been showing signs of recovery.
While the overall market showed positive momentum, the day’s trading was marked by sector-specific shifts, reflecting ongoing market adjustments. The mixed results underline the complexity of China's economic landscape as it navigates both internal and external challenges.
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