Business / Markets

Chinese stocks rebound from five-day losing streak

By Dai Tian ( Updated: 2015-02-03 16:38

Chinese stocks rebound from five-day losing streak

A woman pays close attenion to stock information in the city of Huaibei, Anhui province, on July 28, 2014. [Xie Zhengyi/Asianewsphoto]

China's stocks rallied for the first time in six days on Tuesday amid eased liquidity, led by financial and technology shares.

The benchmark Shanghai Component Index closed at 3,204.91, up 2.6 percent or 76.61 points, while the Shenzhen Component Index advanced 2.2 percent to 11,209.19.

Financial shares led the gains on Tuesday, with China Merchants Bank, Everbright Bank, Haitong Securities and Guosen Securities jumping more than 3 percent. Guoyuan Securities and China Life soared by the daily limit of 10 percent.

People's Bank of China sold 35 billion yuan of seven-day reverse-repurchase agreements at 3.85 percent and 55 billion yuan of 28-day contracts at 4.8 percent, said the central bank in a statement on Tuesday.

PetroChina and Sinopec, the country's two major energy magnets, rose 4.2 and 2.4 percent respectively amid recent recovery of oil prices.

Technology shares also led the gain on Tuesday, with Yongyou Software, Amarsoft and SinoData jumping more than 7 percent. Medical stocks, including Hunan China Sun Pharmaceutical Machinery and Hainan Shuangcheng Pharmaceuticals, rallied by the daily limit of 10 percent.

The CSI 300 Index soared 2.5 percent to 3,437.45 on Tuesday.

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