(Yicai Global) July 31 -- China's mainland stock markets rose again this afternoon, pulling out from a sudden dive beginning just before lunch to close higher on the last day of the month.
Tech firms, including electronic suppliers, chip makers and medical companies, led the market upswing.
The Shanghai Composite Index closed 0.71 percent higher at 3,310.01. The Shenzhen Component Index stood at 13,637.88, up 1.27 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, rose 1.89 percent to 2,795.40.
Several Apple suppliers hit the 10 percent limit up as the US tech giant released a better-than-expected earnings report yesterday. Riding its coattails were Universal Scientific Industrial Shanghai [SHA:601231], closing at CNY24.21 (USD3.45), Suzhou Secote Precision Electronic [SHA:603283], which streaked to CNY53.86, and Lingyi Itech [SHE:002600],which stopped trading at CNY11.86.
The Shanghai Composite Index climbed 3.54 percent during the week and 10.9 percent overall in July. The Shenzhen Component Index rose 5.43 percent and 13.72 percent; respectively in the two periods, while the ChiNext Price Index surged 6.38 percent and 14.65 percent.
Chinese markets glimpsed a gleam of opportunity at the start of the month as official statistics pointed to a strong rebirth of the country's economy in June and the second quarter amid the ashes of the Covid-19 pandemic. China's central bank also pumped greater liquidity into the financial system by lowering refinancing and rediscount interest rates from July 1.
Editor: Ben Armour