China's stock market rally continued after a week-long break for the National Day holiday, with China’s main stock indexes reaching two year highs at the opening on Tuesday.
China has released a slew of policies to prop up the economy, and these measures have led to a rapid increase in home sales and a surge in stock prices after the holiday.
A-Share turnover exceeded one trillion yuan in only 20 minutes after the opening time, refreshing the record set on September 30.
Tuesday’s total trading volume on the main Shanghai and Shenzhen stock markets exceeded 3.45 trillion yuan.
China's major stock indexes were higher after Tuesday morning, with the benchmark Shanghai Composite Index up 4.59 percent to 3,489.78 points. The turnover reached 1.51 trillion yuan, up 340 billion yuan from the previous trading day eight days ago.
The Shenzhen Component Index soared by 9.17 percent to 11,495.10 points, with a turnover of 1.94 trillion yuan.
Over 5,000 stocks ended higher, with the server-operating-system, semiconductor and data security sectors leading the gains.
The ChiNext Index showed strong performance, closing up 17 percent and surpassing the 2,500-point mark.
During the National Day holiday, the number of new accounts opened by major brokerages reached a historic high. Starting from October 8th, the Shanghai Stock Exchange announced a five-minute "extension".
This policy only applied to newly opened investor accounts and investors who changed their brokerage firms.
The ChiNext index continued its biggest single-day gain in history, with ETFs tracking the index up 20.00 percent on average on Tuesday.
China's stock market rally continues after week-long break
China's trade-in program for home appliances during the National Day holiday has led to a surge in sales revenues which topped 17.835 billion yuan (about 2.53 billion U.S. dollars), according to data from the Ministry of Commerce (MOC).
During the seven-day National Day holiday starting on Oct 1, nearly 2.52 million consumers purchased 3.745 million units across eight categories of household appliances through the trade-in program, with sales reaching 17.835 billion yuan.
The eight categories were refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves and range hoods.
Among them, the top three categories were air conditioners, refrigerators and computers, with sales reaching 4.519 billion yuan, 3.797 billion yuan, and 2.624 billion yuan, respectively.
Since the introduction of the trade-in policy for home appliances, about 8.24 million consumers have purchased about 11.78 million home appliances in eight categories, generating sales exceeding 55.793 billion yuan.
"The consumer traffic in our store has increased dramatically, almost tripling that of last year, and our sales have more than doubled," said Wang Yisheng, a home appliance store owner in Nanjing City of east China's Jiangsu Province.
The country also reported a surge in vehicle sales. As of Oct 7 midnight, the MOC's automobile trade-in platform had received over 1.27 million subsidy applications, driving new car sales to exceed 160 billion yuan, of which applications for subsidies related to new energy vehicles accounted for more than 60 percent of the total.
"I have been driving my old car for eight years. I am very satisfied with the power, handling and comfort of the new car. After I learned about the generous incentives offered by the government's 'trade-in' policy, I made the purchase without hesitation," said Mr. Chen, a consumer from Yongzhou City of central China's Hunan Province.
China's home appliance sales surge under trade-in program during National Day holiday
