(Yicai Global) Feb. 11 -- China's stock markets kept trending upward in the afternoon to close at an intraday high today, as market participants welcomed the first trading day of the new lunar year with a bang.
The Shanghai Composite Index closed 1.36 percent up at 2,653.90 points while the Shenzhen Component Index bounded 3.06 percent to 7,919.05. The ChiNext Price Index of growth companies in Shenzhen closed 3.53 percent stronger at 1,316.10
The northerly migration was widespread, with technology sectors such as smartphones and their component makers, mobile game and blockchain technology developers, and consumer staples such as hard drink manufacturers, agriculture product processors, as well as the stock raising sectors all performing well, but with traditional big caps such as the banking, insurance and energy sectors being the laggards of the day.
Local iron ore mining companies made a strong showing as market concerns that ore supplies might take a hard hit as Brazil's Vale, the world biggest miner, faced capacity reduction following a Jan. 25 dam collapse disaster in that country that may force the company to set safety as its top priority.
Hainan Mining [SHA:601969] and Shanghai Hongda Mining [SHA:600532] were both up about 10 percent, while Shandong Jinling Mining [SHE:000655] rose almost 5 percent at the close.
China's iron ore futures contract surged 8 percent higher to CNY652 (USD96.60) per ton today, its highest price on the exchange since March 2017.
The contract has risen about 22 percent since Jan. 25.
Editor: Ben Armour