Shanghai Bourse Breaks 3,100

China stocks rebounded on Thursday to close beyond the 3,100-point level after the US Federal Reserve indicated that no more rate hikes would be coming in 2019.

 

The Shanghai Composite Index rose 0.35 percent to 3,101.46 points. The Shenzhen Component Index rose 0.71 percent to end at 9,869.8 points, while the blue chip CSI300 index edged up 0.04 percent at 3,836.89 points.

 

Turnover for the two major markets expanded sharply to 885.9 billion yuan (US$132.4 billion) from 779.9 billion yuan.

 

More than 100 companies listed on the A-share markets rose by the daily 10 percent cap.

 

The US Federal Reserve on Wednesday cut its growth forecast to 2.1 percent for 2019, and announced that it will stop shrinking its bond portfolio in September, a step that should help hold down long-term rates.

 

Technology sectors including software and computer hardware shares were among the biggest gainers. Client Service International, Shanghai East-China Computer Co and Shenzhen Kaifa Technology all surged by the daily limit of 10 percent.

 

Also, stocks related to the National Radio and Television Administration posted sharp rises. Guangxi Radio and Television Information Network Corporation, Shaanxi Broadcast & TV Network Intermediary Co and seven other companies all soared by the maximum 10 percent.

 

On March 20, Zhang Hongsen, deputy director of the National Radio and Television Administration, said at the China Content Broadcasting Network (CCBN2019) expo that the administration is making active efforts to develop its 5G network.

 

In addition, China Broadcasting Network Corporation, a central enterprise closely related to the State Administration of Press, Publication, Radio, Film and Television, signed agreements on strategic cooperation respectively with CITIC Group and Alibaba on Thursday, marking an important step in the integrated development and upgrade of China’s cable television network.

 

Source: Shine