Markets in Shanghai and Shenzhen scored solid gains Wednesday, snapping their two-day losing streak as high-tech stocks were catapulted upward by news that the government had approved three major new projects to support the country's IT infrastructure.
The Shanghai Composite Index added 8.29 points, or 0.40 percent, to close at 2,067.83; while the Shenzhen Component Index tacked on 0.50 percent, or 41.59 points, to finish trading at 8,431.74.
Both indices opened slightly higher Wednesday and fluctuated within a narrow range in the morning session as technology stocks picked up steam from an announcement the previous evening that the Ministry of Science and Technology (MOST) had given its nod to projects aimed at the satellite navigation, cloud computing and broadband network industries. Later gains in the securities, gold, non-ferrous metal and coal sectors gave the markets further support, pushing both indices well above even by the close of trading.
Beijing BDStar Navigation Co, a developer and provider of satellite navigation products and services, surged 5.01 percent to 18.25 yuan ($2.88). Beijing UniStrong Science & Technology Co, a maker of satellite components, surged 9.97 percent to 16.76 yuan.
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