Chinese Shares Climb as Investors Seek Higher Yields; GCL Energy Tech Jumps 6%

MT Newswires Live2024-12-24

Chinese stocks rallied on Tuesday, driven by investor interest in high-dividend equities as government bond yields hit record lows.

The Shanghai Composite Index added 1.3%, or 42.27 points, to close Tuesday's trade at 3,393.53. The Shenzhen Component Index likewise rose 1.3%, or 134.03 points, to 10,671.43.

The decline in bond yields sparked a shift towards higher-yielding stocks, particularly among major lenders. Market sentiment around banks remained positive, with traders anticipating increased investment from insurance funds towards the year-end.

In corporate news, GCL Energy Technology (SHE:002015) climbed 5.7% following reports the electric services provider will work with Ant Group's AntChain blockchain technology unit for a real-world asset tokens project.

Shenzhen Highpower Technology (SHE:001283) rose 4.2% amid plans to collaborate with a European silicon materials manufacturer to produce next-generation lithium-ion batteries.

Retail chain group Dashang (SHA:600694) jumped 3.6% at the close after naming Chen Deli as chair.

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