Share prices on China's Shanghai and Shenzhen stock exchanges were in tepid movement in the morning session but the losses were fully recovered in the afternoon and major indices closed moderately higher as the country's pending economic reforms enhanced investors' confidence in the economy.
The market seemed to have shrugged off concerns over liquidity tension ahead of a new batch of IPOs scheduled on Wednesday as China's pledges to roll out a series of reforms in 2016 to inject impetus to the domestic economy and optimize economic structure as indicated in a statement released after an annual Central Economic Work Conference have largely enhanced investors' confidence in the economic growth. For the whole day, the benchmark Shanghai Composite Index rose 0.26 percent to end at 3,651.77 points.
The Shenzhen Composite Index went up 0.92 percent to end at 2,379.63 points. The index for small firms added 0.92 percent to end at 8,652.64, and the ChiNext Index edged up 0.35 percent to end at 2,839.85. Combined turnover of the two bourses shrank sharply to 874.34 billion yuan from 942.78 billion yuan on the previous trading day.
Stocks of agricultural, software, petroleum, iron and steel, securities brokerage, media, computer, nonferrous metals, property, environmental protection and machinery sectors led the gainers while those in banking, insurance, liquor brewing and tourism sectors led the losers.
On the stock index futures market, the IF January contract increased 0.38 percent to end at 3,819, keeping a discount of 57.73 points to the underlying Hushen 300 Index, which went up 0.28 percent to end at 3,876.73. The SSE 50 January contract rose 0.02 percent to end at 2,465, keeping a discount of 31.05 points to the underlying SSE 50 Index, which shed 0.16 percent to close at 2,496.05. The CSI January contract advanced 0.81 percent to end at 7,650, keeping a discount of 206.61 points to the underlying CSI 500 stock index, which went up 0.87 percent to end at 7,856.61.
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