Mainland stocks climb in across- the- board rally

Mainland stocks rose on Tuesday in a broad rally that swept across almost all sectors, though analysts cautioned that domestic shares will remain volatile for the time being.

The benchmark Shanghai Composite Index added 1.14 percent to close at 3,050.17 points, while the Shenzhen Component Index finished the day 1.25 percent higher at 10,852.21 points.

The CSI 300 Index of the biggest companies traded in Shanghai and Shenzhen rose 1.20 percent to 3,269.59 points.

The ChiNext Index, which tracks the country’s NASDAQ- style board for growth enterprises, jumped 1.50 percent to 2,279.55 points.

A total of 485 billion yuan ($ 72.65 billion) in shares changed hands on the Shanghai and Shenzhen exchanges on Tuesday, continuing to shrink from 491.7 billion yuan on Monday.

Gold stocks, which had been in decline, performed well, leading the winners during Tuesday’s session.

With the benchmark stock index firmly above 3,000 points, market watchers have taken divergent views about the outlook for domestic shares.

It is normal to see some volatility around the 3,000- point mark as investors still need time to regain the confidence they lost during the stock market crash last summer, said analysts from Shenzhen- based First Seafront Fund. Still, there isn’t much chance the index will fall back below 3,000 points as the fund’s analysts expect mainland stocks to follow the recent rally in Hong Kong and US equities.

For the time being, stocks will remain volatile within a certain range, analysts from Changjiang Securities noted.