China stocks keep upward momentum following rate cut
SHANGHAI May 12 (Reuters) - China stocks rose for the third consecutive session on Tuesday, with the market maintaining momentum generated by the central bank's interest rate cut over the weekend.
Most sectors were up but real estate and banking stocks dipped on profit-taking. Shenzhen's start-up board ChiNext remained bullish, jumping over 3 percent to fresh highs.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.2 percent, to 4,747.42, while the Shanghai Composite Index gained 1.6 percent, to 4,401.22 points.
Among the most active stocks in Shanghai were GD Power , up 10.1 percent to 7.22 yuan; China State Construction, up 2.8 percent to 10.34 yuan and China Shipbuilding, up 7.5 percent to 15.13 yuan.
In Shenzhen, BOE Technology eased 0.2 percent to 4.39 yuan; Suning Appliance was up 5.5 percent at 18.65 yuan and TCL Corp was down 0.5 percent at 6.06 yuan. They were among the most actively traded.
Total volume of A shares traded in Shanghai was 51.9 billion shares, while Shenzhen volume was 33.2 billion shares. (Reporting by the Samuel Shen and Nathaniel Taplin; Editing by Simon Cameron-Moore)
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