China's stocks rose to highest close in more than five weeks, led by renewable energy shares
After signs that China's annual parliamentary meeting will declare the support for the renewable energy sector, renewable energy shares led China’s key stock to rise 0.78 percent - its highest close in more than five weeks.
Chinese media reports that large part of the delegates to the parliamentary session has proposals for special measures for the clean energy industry.
The Shanghai Composite Index ended at 3,097.005 points, recapturing its modest loss the day before after a week-long rally fuelled by speculation in small-cap shares stalled at a five-week high.
The day's biggest gainer was Shijiazhuang Dongfeng Thermoelectric, jumping to 6.02 yuan, 10 percent its daily limit. Solar power cells maker Shenzhen Topraysolar gained 4.56 percent to 26.15 yuan.
Xu Yinghui, senior analyst at Guotain Junan Securities in Shanghai stated: "Trading remained dominated by interest in selected stocks, mostly small caps such as renewable energy stocks." "As you can see clearly, sentiment remains cautious, capping the gains in the overall market," Xu said.
The benchmark index was expected by some specialists to move around the 125-day moving average, now at 3,078 points, for the rest of this week. The average is regarded as a barometer of bearish versus bullish sentiment in the market.
Gaining Shanghai stocks outnumbered losers by 711 to 168, while turnover rose to 136 billion yuan ($20 billion) from Tuesday's 124 billion yuan. ($1 = 6.83 yuan)
