Shares rebound as F&B firms and retailers push the market higher
Shanghai stocks rebounded yesterday from their earlier slump after food and beverage companies as well as retailers led the gains in the market.
The Shanghai Composite Index rose 1.78 percent to close at 3,095.47 points, the largest daily gain in the month.
Investors were also cheered by data showing the official manufacturing Purchasing Managers’ Index growing robustly, and also by the official inclusion of A-shares into the MSCI index yesterday.
Shares of food and beverage companies Xiangpiaopiao Food Co, Shanghai Laiyifen Co and Mongolia Yili Industrial Group Co all surged by the daily limit of 10 percent.
Tourism shares also gained, with BTG Hotels Group Co rising 6.71 percent and China International Travel Service Corporation up 6.28 percent.
Major retailers Xinjiang Winka Times Department Store Co and Red Star Macalline Group Corporation both advanced by over 8 percent.