China’s shares ended higher Wednesday, with sharp gains in the last half-hour of trading, as officials stepped up efforts to calm markets.
The Shanghai Composite SHCOMP, -0.74% gained 3.4%, ending at 3789.16, after flitting between gains and losses earlier. The smaller Shenzhen Composite 399106, -0.70% rose 4.1% to 2198.81.
The gains—which ranged across sectors—follow three days of selling that knocked 11% from China’s main stock index. Shanghai remains down more than a quarter from its June high.
Hong Kong’s Hang Seng Index HSI, +0.68% ended up 0.5% while a gauge of Chinese companies listed in the city rose 0.9%.
About 400 stocks listed in Shanghai and Shenzhen reached their 10% upward daily limit on Wednesday, while industrial stocks like CRRC Corp., China Railway Group and China Shipbuilding Industry Co. led gains for the Shanghai Composite.
The rapid gains late in the afternoon baffled many analysts, some of whom suspect the government may have stepped in to buy more shares.
“Clearly it is government intervention again,” said Jacky Zhang, an analyst at BOC International.
Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) together with its subsidiaries, provides travel services for hotel accommodations, ticketing services, packaged tours, and corporate travel management in China. Ctrip.com International shares are trading 73.07 % above their 52 week low price after the last close and -19.53% below the 52 week high. Its latest closing price was up 20.79% from the average-price of 200 days while it kept its distance from the SMA50 at -5.07% and -2.09% compared with the SMA 20.
Shares of Tuniu Corp (NASDAQ:TOUR) were 48.50% off 52 week lows as of the latest close and -38.62% below the 52 week high. Its latest closing price was down -0.60% from the average-price of 200 days while it maintained a distance from the SMA 50 at -12.37% and -4.96% compared with the SMA 20. TOUR operates as an online leisure travel company in the People’s Republic of China. It offers packaged tours, including organized tours and self-guided tours, and travel-related services for leisure travelers covering various countries, as well as all popular tourist attractions in the People’s Republic of China
500.com Ltd (NYSE:WBAI) provides online sports lottery services in the People’s Republic of China. The stock’s latest price traded at 158.28% off 52 week lows after the closing bell and was -55.35% behind its 52 week high. Its latest closing price was -5.36% below the SMA200 while the distance from the SMA 50 and SMA 20 was -16.34% and -4.22% respectively.
ReneSola Ltd. (ADR) (NYSE:SOL) is trading 9.17% higher than the 52 week low price and -63.81% below the 52 week high. The stock’s latest closing price was -18.08% down from the average-price of 200 days while it kept its distance from the SMA50 at -7.07% and -2.60% compared with the SMA 20. ReneSola Ltd. through its subsidiaries, manufactures and sells various solar power products.
Qunar Cayman Islands Ltd (NASDAQ:QUNR) operates online travel commerce platform for travel service providers (TSPs) and display advertisers in the People’s Republic of China so far this year has moved up41.65% and its monthly performance stands at -4.16%. The stock was up70.93% from its 52 week low and was -25.74% below the 52 week high. Its latest closing price was up 13.55% from the average-price of 200 days while it kept its distance from the SMA50 at -9.73% and -1.94% compared with the SMA 20.