Airline, transportation stocks push exchanges to multi-year highs

Chinese mainland stock markets continued to move upward Tuesday, with the indexes reaching multi-year highs.

The benchmark Shanghai Composite Index rose to the highest since May 2008, gaining by 1.55 percent or 53.54 points to 3,502.85 points on Tuesday.

The Shenzhen Component Index rose by 1.26 percent or 151.74 points to 12,169.52 points, the highest since July 2011.

The CSI 300 Index of the biggest companies traded in Shanghai and Shenzhen climbed 1.39 percent or 51.45 points to 3,757.12 points.

Total turnover on the two bourses was 1.11 trillion yuan ($177.65 billion) on Tuesday, up from the previous trading day's 911.73 billion yuan.

Airlines soared almost 10 percent on average as global oil prices slumped to their lowest in nearly six years in New York, allowing airlines to reduce fuel costs. Hainan Airlines Co, Air China Ltd and China Eastern Airlines Corp all rose by the daily limit of 10 percent on Tuesday.

Shares linked to the country's "One Belt, One Road" initiative, including transportation and construction companies, also saw a strong gain. Shandong Hi-Speed Road and Bridge Co and Zhongchang Marine Co jumped by the daily limit of 10 percent to 6.77 yuan and 11.58 yuan, respectively.

Brokerages surged almost 3 percent on average. Soochow Securities Co advanced 7.47 percent to 21.88 yuan and Shenwan Hongyuan Group Co rose by 7.15 percent to 16.78 yuan.

ChiNext, the country's NASDAQ-style board for high-tech and emerging start-ups, retreated from the record high set on the previous trading day, falling by 0.24 percent or 5.21 points to 2,137.46 points on Tuesday.

In Hong Kong, the Hang Seng Index inched down by 0.20 percent or 48.06 points to 23,901.49 points.