China stocks gain for 9th straight day, led by gains in banking, consumer stocks
Chinese shares extended their rally on Wednesday to close at the highest level in seven weeks, climbing for a ninth straight session, led by banking and consumer stocks.
At the close, the Shanghai Composite Index was up 7.93 points, or 0.23 percent, at 3,421.83.
Meanwhile, the blue-chip CSI300 index was up 0.44 percent and the start-up board ChiNext index was down 0.69 percent.
The largest percentage gainers in the main Shanghai Composite Index were Changchun Gas Co up 10 percent, followed by Easysight Supply Chain Management Co gaining 10 percent and Shanghai Prosolar Resources Development Co up by 9.98 percent.
The largest percentage losers in the Shanghai Composite Index were Kama Co down 6.97 percent, followed by Tederic Machinery Co losing 5.47 percent and FangDa Carbon New Material Co down by 5.08 percent.
About 20.91 billion shares were traded on the Shanghai exchange, roughly 133.9 percent of the market’s 30-day moving average of 15.61 billion shares a day.
The volume in the previous trading session was 19.15 billion.
The price-to-earnings ratio of the Shanghai index was 15.38 as of the last full trading day while the dividend yield was 1.9 percent.