China Stocks Rises, Marks 26-month highs

China stocks soared high on Wednesday, supported by a robust growth in the technology sector.

China stocks went higher after the close on Wednesday, with the Technology Hardware & Equipment, Retailers, and Technology sectors leading the upward trajectory of shares, marking 26-month highs.

In Shanghai, Shanghai Composite upped 0.30 percent, smashing a new record 52-week record high. Meanwhile, the SZSE Component index inched 0.86 percent up. This follows a robust growth in Chinese economy reported for the third quarter.

Shanghai Composite

Among the notable performers of the session on the Shanghai composite was Zhejiang Feida Environmental Science & Technology Co Ltd, which soared 10.04 percent or 1.130 points to trade at 12.390 at the close.

Orient International Enterprise Ltd climbed 9.97 percent or 1.380 points to 15.220 in late trade, while Hangzhou XZB Tech Co Ltd gained 10.00 percent, or 7.80 points to end at 85.77.

On the other hand, CTS International Logistics Corp Ltd slipped 5.63 percent or 0.700 points, trading at 11.730 at the closing. Hubei Wuchangyu also fell among the worst performers at the session’s end, dipping 4.80 percent or 0.350 points to end at 6.940.

YUD Yangtze River Investment Industry Co Ltd slumped 2.91 percent or 530 points to 17.660.

SZSE Component

Meanwhile, the better performers at the end of the session included Wuxi Little Swan Co Ltd, which gained 10.00 percent to 53.89, its.

Similarly, BOE Technology Group Co Ltd swelled 9.58 percent, settling at 5.720, while Jiangsu Aucksun Co Ltd ballooned 7.36 percent to close at 9.63.

On the other hand, some did not perform very well.

Jiangxi Ganfeng Lithium Co Ltd was down 4.54 percent to 87.90 in late trade, while Guanzhou Tinci Materials Technology Co Ltd decresed 3.45 percent, settling at 47.36.

Glodon Software Co Ltd slipped 3.41 percent to 20.10 at the closing.

The general rise in China stocks comes amid the unveiling of the country's new leadership line-up marking the end of its once-every-five-years congress.

President Xi Jinping has solidified his grip on power after the end of his country's congress held once every five years.

"Trading has been thin lately, and volatility has been low. There is risk of a correction, now that the congress has ended," said Hu Yuanzi, who is a fund manager at Rationalstone Investment, an asset manager based in Shanghai.

Shanghai Stock Exchange

There more stocks that rose in the Shanghai Stock Exchange than those that declined.

The CBOE China Etf Volatility, a gauge that measures the implied volatility of Shanghai Composite options, rocketed 0.32 percent to 18.67. Both Wuxi Little Swan and BOE Technology Group were the best performers.

As for Gold Future for December delivery, it declined 0.31 percent or 3.95 to $1274.35 a troy ounce. In other areas in commodities trading, December delivery Crude oil slumped 0.25 percent or 0.13, hitting $52.34 per barrel. December Brent oil delivery soared 0.14 percent or 0.08 to trade at $58.41 per barrel.

The US Dollar Index Futures rose up 0.03 percent at 93.86.

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