Share prices on China's Shanghai and Shenzhen bourses reversed from a maximum loss of over five percent to a big gain of over one percent amid shrinking turnover on Wednesday, indicating divergent sentiment of investors.
For the whole day, the benchmark Shanghai Composite Index rose 1.23 percent to end at 3,794.11 points. The Shenzhen Composite Index jumped 2.19 percent to end at 2,222.05, the SME Index for small firms surged two percent to end at 8,684.99 and the ChiNext index soared 2.66 percent to close at 2,570.69. Combined turnover of the two bourses shrank to 1.15 trillion yuan from 1.39 trillion yuan on the previous trading day.
The majority of stocks closed in the positive territory on Wednesday. Stocks of telecom operation, iron and steel, agricultural, public transport, software, internet, liquor brewing, property, computer, household electric appliances and chemical fiber sectors led the gainers while those in banking, insurance, logistics, environmental protection, aviation and petroleum sectors saw smaller gains.
On the stock index futures market, the IF August contract gained 1.64 percent to end at 3,808.2, keeping a discount of 77.94 points to the underlying Hushen 300 Index, which soared 1.59 percent to close at 3,886.14. The SSE 50 August contract rose 0.45 percent to end at 2,391.0, keeping a discount of 39.28 points to the underlying SSE 50 Index, which went up 0.93 percent to close at 2,430.28. The CSI August contract surged 3.55 percent to end at 8,151.2, keeping a discount of 189.78 points to the underlying CSI 500 stock index, which surged 2.2 percent to end at 8,340.98.
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