The Shangai Composite Index Closes 0.70% Higher

The Shangai Composite Index rose 68 points or 1.80 percent on Tuesday to close at 3865 points. Leading the gains are Sanan Optoelectron (6.21%), Datang Intl (3.92%) and China Molybdenum (3.72%).

The Shanghai Composite climbed 1.79% to close at 3,864.4, while the Shenzhen Component surged 4.81% to 14,264.3 on Tuesday, as Chinese authorities mobilized fresh support measures to shore up the technology sector following a recent sharp selloff. Among the notable support measures, the ChinaAMC STAR 50 ETF posted a record peak 13.8 billion yuan ($2 billion) in net inflows, underscoring strong institutional demand for Chinese technology stocks. Support has also broadened to the insurance sector, with China Life Insurance Company stating that one of its units purchased more than 10 billion yuan worth of stocks and mutual funds and plans to further increase its exposure to companies in emerging growth industries. Similar commitments were announced by The People's Insurance Company (Group) of China and Ping An Insurance. Significant gains were recorded by Cambricon Technologies (11.58%), SMIC (11.2%), Eoptolink Technology (7.25%), and Zhongji Innolight (2.51%).

The Shangai Composite Index gained 27 points or 0.70 percent on Monday to close at 3791 points. Gains were led by Datang Intl (10.00%), China Coal (9.97%) and Aluminum Corporation of China (8.65%). Biggest losers were Sanan Optoelectron (-6.91%), China Fortune (-1.80%) and China Merchants Securities (-0.48%).