Chinese stock exchanges rise after gains in agriculture sector

Stocks in the Chinese mainland gained on Tuesday, with strong rises seen in the agricultural sector.

The benchmark Shanghai Composite Index rose by 7.61 points or 0.35 percent to end at 2,157.24 points on Tuesday while the Shenzhen Component Index rose by 34.80 points or 0.41 percent to 8,451.73 points.

Combined turnover on the two bourses on Tuesday increased to 166.12 billion yuan ($27.24 billion) from Monday's 139.93 billion yuan, putting an end to five consecutive days of decline.

Shares in agricultural companies rallied after Xinhua News Agency reported Monday that Premier Li Keqiang had emphasized the need to reform modern agriculture and boost farmers' wealth.

Also, the Ministry of Finance on Tuesday pledged to speed up development of the sector, with a pilot program to be launched in 2014.

The agricultural sector rose by 5.35 percent on Tuesday, with Shanghai-listed Heilongjiang Agriculture Co and Shenzhen-listed Henan Huaying Agri Development Co jumping by the daily limit of 10 percent to 12.87 yuan and 6.33 yuan, respectively.

Internet and technology companies gained in afternoon trading, with Shandong Inspur Software Co, China National Software & Service Co and Ourpalm Co all rising by the 10 percent daily limit.

However, financial stocks were less successful. Industrial Bank Co was the biggest loser in the banking sector, falling by 1.96 percent to 11.49 yuan while Shanghai Pudong Development Bank Co declined by 0.97 percent to 10.20 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, saw faster growth, adding 37.57 points or 3.07 percent to close at 1,260.03 points on Tuesday. Leshi Internet Info & Tech Corp, an online video platform, rose by 8.76 percent to 38.60 yuan.