China stocks were higher after the close on Tuesday, as gains in the Software&Computer Services, Travel&Leisure and Technology sectors led shares higher. At the close in Shanghai, the Shanghai Composite rose 3.69%, while the SZSE Component index gained 4.52%. The best performers of the session on the Shanghai Composite were Zijiang (SS:600210), which rose 10.10% or 0.530 points to trade at 5.780 at the close. Meanwhile, Wuzhou Comm (SS:600368) added 10.09% or 0.590 points to end at 6.440 and Jinshan Devp-B (SS:900916) was up 10.06% or 0.082 points to 0.897 in late trade. The worst performers of the session were S Qian Feng El (SS:600733), which fell 1.67% or 0.750 points to trade at 44.120 at the close. Youngor Group (SS:600177) declined 1.55% or 0.280 points to end at 17.840 and Cn Fortune Lan (SS:600340) was down 1.06% or 0.330 points to 30.940. The top performers on the SZSE Component were Foshan Electrical and Lighting Co Ltd (SZ:000541) which rose 10.05% to 11.06, Yantai Longyuan Power Tech (SZ:300105) which was up 10.05% to settle at 10.73 and Shenzhen Hifuture Electric (SZ:002168) which gained 10.04% to close at 11.51. The worst performers were Westone Information Industry Inc (SZ:002268) which was down 10.00% to 76.32 in late trade, Jiangsu Sihuan Bioengineering Co Ltd (SZ:000518) which lost 4.07% to settle at 7.30 and Jiangling Motors Corp Ltd (SZ:000550) which was down 0.70% to 33.88 at the close. Rising stocks outnumbered declining ones on the Shanghai Stock Exchange by 937 to 28. The CBOE China Etf Volatility, which measures the implied volatility of Shanghai Composite options, was up 2.11% to 30.99. Gold for December delivery was up 0.11% or 1.20 to $1090.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 1.18% or 0.54 to hit $45.70 a barrel, while the September Brent oil contract rose 0.93% or 0.46 to trade at $49.98 a barrel. USD/CNY was down 0.00% to 6.2096, while EUR/CNY rose 0.11% to 6.8075. The US Dollar Index was down 0.17% at 97.44.
China garment industry entrepreneur Li Rucheng, the chairman of China’s Youngor Group, reached the ranks of the world’s billionaires this week following gains in the share price of his Shanghai-listed conglomerate. Li, now 64, was assigned to work in a collective factory in the eastern Chinese city of Ningbo at the end [...]