A-share market advanced for a straight third day. The sharp decline in 3-month T-bills enhanced the anticipation of interest rate cut. Also overnight US surge contributed to the strong movement. The market swung above the surface following a high open. Resilient nonferrous metal enlarged index gains in the pm session and the market closed near the daily high.
SHCI added 3.05%, or 58.83, to 1986.44. SZCI surged 4.66%, or 296.38, to 6660.41. CSI 300 up 3.71% to 1943.65. Market turnover expanded to 130.77bn yuan, the highest in two months. Only 9 stocks lost.
Properties topped the table, inspired by rate cut speculation. Several names clinched at limit-up including Oceanwide Construction (000046) and Guoxing Rongda (000838). Gemdale (600383) soared 7.59% and Vanke (000002) gained 4.06%.
Nonferrous metal producers staged shining performance as people deemed the stimulus package would boost domestic demand. Shandong Nanshan Aluminum (600219),Jilin Ji En Nickel (600432), Shandong Gold (600547) and Zhongjin Gold (600489) spiked up 10%. Yunnan Copper (000878) and Jiangxi Copper (600362) went up 6%.
Liquor makers, which lagged previously, joined the rally banquet, led by Kweichou Moutai (600519, +10%) and Luzhou Laojiao (000568, +10%). 16 firms in total moved up by 10% cap.
Banks saw the smallest gain among all sectors on rate cut concern. Also slowdown in Oct. production data hampered steel makers.