(Yicai Global) Dec. 6 -- A buying spree lifted China’s stock market to a high note this afternoon, with the small-cap index closing up big after losing ground for most of the day.
Investors also used the recent slump as an opportunity to get involved in the Shanghai Composite Index, which features many of China’s blue-chip companies.
Chinese markets hit three-month lows during the day, with the Shanghai index opening below the psychologically important value of 3,300.
Many sectors swung back to black at the close, with high-tech companies, including semiconductor and satellite navigation firms, leading the way. Steel, shipping and banking enterprises were the biggest losers.
The Shanghai Composite Index closed down 0.29 percent at 3,293.06 points after sinking as low as 3254.61, down 1.43 percent , before recovering. Turnover reached CNY179.2 billion (USD27.1 billion), significantly less than yesterday's CNY243.5 billion.
The Shenzhen Component Index closed up 0.52 percent at 10,911.33 points after dipping as low as 10716.29 intraday, down 1.27 percent to mark a new low since August. Turnover on the Shenzhen exchange also reduced to CNY214.2 billion from CNY239.2 billion yesterday.
The Growth Enterprise Index, China's NASDAQ-style board of emerging companies, closed up 1.46 percent at 1,784.31 points, it hit an intraday trough of 1744.49, a new three-month low, before rallying. Some CNY56.4 billion swapped hands, slightly less than yesterday's CNY59.9 billion.
Other Asian markets felt the heat today after an overnight Wall Street slump. The Tokyo's Nikkei 225 index closed down 1.97 percent to 22,177.04 points, the worst decline in three months, while South Korea's Kospi dropped 1.31 percent to 2,477.14 at the close. The Hang Seng in Hong Kong had slumped 2.03 percent to 28,256.00 as of 3:50 pm.