stock market Photo:VCG

China's A-share market soared at the opening of trading on Tuesday, the first trading day after the week-long National Day holidays, and the rally was driven by recent stimulus policies. 

The Shanghai Composite Index opened up by  a breath-taking 10.13 percent, the Shenzhen Component Index rose by 12.67 percent, and the ChiNext Index surged 18.44 percent, with more than 1,000 stocks rising by over 19 percent.

Just 20 minutes after the market opened on Tuesday, trading volume on the Shanghai and Shenzhen bourses surpassed 1 trillion yuan ($141.755 billion), setting a new record for the fastest time to reach this amount. 

As of 10:44 am, trading volume exceeded 2 trillion yuan, marking the second consecutive trading day in which the volume has surpassed this amount.

The enthusiasm for the stock markets overwhelmed the trading systems, leading to some trading hiccups and delays, which were reported in multiple trading platforms.

Shares in the brokerage sector continued to surge as investors rushed to open accounts, setting a record for the number of new accounts opened by brokerages during the National Day holidays. 

Semiconductor stocks skyrocketed too, with more than 30 shares hitting their daily upper limit.

During a press conference on Tuesday, China's National Development and Reform Commission (NDRC) said that the country will accelerate the implementation of a set of incremental pro-growth policies. 

With the economy facing downturn pressure, the country will focus on counter-cyclical policy adjustment, ramp up efforts to boost domestic consumption and improve people's livelihood, to give more support to businesses in operational difficulty, try to stabilize the real estate market and shore up the capital market, the commission said.

Recently, China's central bank announced a new package of monetary stimulus measures to support the property sales and shore up capital market, and create better conditions for China's high-quality economic development that have significantly boosted investor sentiment.

During the Golden Week holidays, Chinese mainland investors were seen lining up to open new stock accounts, while employees from some securities companies have returned to work early in preparation for the market opening. 

The Shanghai and Shenzhen stock exchanges conducted tests on their platforms on Monday to ensure a smoother trading after the seven-day holidays.

While the mainland A-share market closed for the holidays, Hong Kong's stock market continued to rise. From October 2 to 7, the Hang Seng Index accumulated a gain of 9.3 percent, while the Hang Seng Tech Index increased by 13.4 percent.

Global Times