(Yicai Global) March 10 -- Chinese stock markets closed much higher today on the wings of soaring chip and communication shares, and after finally shrugging off yesterday's drastic decline in US stocks.

The Shanghai Composite Index closed 1.82 percent higher at 2,996.76, while the Shenzhen Component Index rose 2.65 percent to 11,403.47. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, ended at 2,148.81, up 2.66 percent.

Chip shares shot up 7.3 percent during the session, while communication stocks jumped 6.71 percent.

US markets plummeted yesterday as oil prices slid rapidly following a March 6 meeting in Vienna, Austria between the Organization of the Petroleum Exporting Countries and its allied members, where the parties failed to reach a consensus on production cuts.

The Dow Jones Industry Average fell 7.79 percent to 23,851.02 yesterday, while the Nasdaq plunged 7.29 percent to 7,950.68 and the S&P 500 Index slumped 7.6 percent to 2,746.56, triggering a level one-circuit breaker that halted trading for 15 minutes. 

Editor: Ben Armour