Shanghai shares recoup losses and end higher
SHANGHAI stocks recouped their losses in the afternoon session after falling over 0.6 percent as trading sentiment stabilized yesterday.
The Shanghai Composite Index ended 0.34 percent higher at 3,333.66 points, led by shares of electronic companies.
AVIC Securities said in a research note that the rebound was just a short correction and the market still needed more time to digest the recent tumble and advised investors to remain cautious.
Electronic chipmakers rose, with both Hangzhou Silan Microelectronics Co and Shanghai Belling Corp surging by the daily limit of 10 percent as did China Wafer Level CSP Co to 34.98 yuan.
Shares of ZTE Corporation jumped 3.38 percent to 35.52 yuan after the company said it has been participating in drafting 5G broadband Internet standards and testing the technology.