(Yicai Global) June 30 -- China's mainland stock markets rebounded from yesterday's decline at opening in lockstep with US markets’ performance yesterday.
The Shanghai Composite Index started off 0.12 percent higher at 2,965.11. The Shenzhen Component Index was at 11,828.53, up 0.65 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, rose 0.63 percent to 2,387.59.
Tour shopping firms led the markets after China's Hainan province yesterday -- China’s southernmost province and a tourist island often compared to Hawaii -- announced it will raise the limit on tax-free shopping from next month.
State-backed China Tourism Group Duty Free [SHA:601888] hit the 10 percent daily price limit to stop trading at CNY154.03 (USD21.76) by 9.34 a.m. Travel service provider Caissa Tosun Development [SHE:000796] and Beijing-based retailer Wangfujing Group [SHA:600859] also surged to the price ceiling at the kick-off.
Editor: Ben Armour