Stocks rise despite global market turmoil

Mainland stock markets edged up despite a plunge in the Russian stock market on Tuesday, with analysts linking the rise to a key government announcement at a forum being held in Boao, South China’s Hainan Province.

The Shanghai Component Index was up 1.66 percent at 3190.32 points, while the Shenzhen Component Index rose by 1.05 percent to 10,765.62 points.

The blue-chip CSI300 index was up by 1.93 percent, while the start-up board ChiNext index was lower by 0.33 percent.

On the day, 35 stocks surged to their daily trading limit of 10 percent. The largest percentage gainer was China Greatwall Technology Group Co, up by 44 percent, while the largest loser was Hainan Shennong Gene Technology Co, which saw its shares slump by 10.04 percent.

The mainland stock market was immune to the market turbulence felt overseas. In particular, the Russian market continued its volatility, with the dollar-denominated RTS index down by 1.80 percent at 1,075 points as of 6:00 pm.

On Monday, the Moex index was down 8.7 percent. According to overseas reports, the tumble is a result of renewed worries over US sanctions against certain Russian companies and officials.

Analysts from Jufeng Investment Information Co stressed that the Chinese stock market’s rise was stimulated by a government announcement at the Boao Forum for Asia, which stated that China will largely relax market access, especially in the automobile sector.