BEIJING/SHANGHAI: Chinese shares ended higher on Tuesday, led by gains in material and financial stocks, as investors bet more on a swift economic recovery from the pandemic and upbeat sales outlook for new energy cars.
The Shanghai Composite index closed up 1.42% at 3,271.07. The blue-chip CSI300 index was up 1.2%, with its financial sector sub-index higher by 1.79%, and the material sector sub-index up 2.42%.
The smaller Shenzhen index ended up 1.19% and the start-up board ChiNext Composite index was higher by 1.33%.
Semiconductor shares jumped, as the sector was cited as a crucial industry to develop in a communique of the fifth plenary meeting of the Chinese Communist Party's central committee.
Shares related to new energy vehicles manufacturing jumped after the country's State Council said on Monday sales of vehicles including battery electric, plug-in hybrid and hydrogen fuel-cell vehicles would rise, and make up 20% of China's new car sales by 2025.
China's A-shares are set to rebound in November after the earnings season, and the liquidity concern brought by giant fintech listings such as Ant Group has gradually eased, said Yang Delong, investment manager at First Seafront Fund Management Co.
Activity in China's factory sector accelerated at the fastest pace in nearly a decade in October as domestic demand surged, a survey showed on Monday.
External uncertainties such as the US presidential election has shown marginal impact, and such impact will be reduced further once the result is out, Yang said.-Reuters
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