(Yicai Global) Aug. 14 -- Chinese mainland stock markets staged V-shaped reversals today with particularly insurance firms' equities surging in the afternoon. During this week, only Shanghai's main stock index rose amid a slew of earnings report releases for the second quarter that was still not quite over Covid-19.
The Shanghai Composite Index closed 1.19 percent higher at 3,360.10 today. The Star 50 Index, which tracks growth stocks on the SSE’s Nasdaq-style board, climbed 1.08 percent to 1,484.04.
The Shenzhen Component Index rose 1.49 percent to 13,489.01. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, ended 1.76 percent up at 2,668.71.
Insurance companies' equities edged up 4.87 percent. One of the best performers was China Life Insurance [SHA:601628] that soared 10 percent.
This week, major tech companies such as Baidu, iQiyi, and Tencent Holdings were some of the Chinese firms that published their second-quarter earnings reports while the results were mixed as the country recovers slowly from the impacts of the pandemic.
For the week, the SSE Composite Index advanced 0.18 percent. The Star 50 Index dropped 2.8 percent. The SZSE Component Index decreased 1.17 percent and the ChiNext Index slid 2.95 percent.
Editor: Emmi Laine