Markets recover as NPC kicks off

Stock markets on the mainland advanced Tuesday as sentiment revived with the opening of the 12th National People's Congress (NPC).

The Shanghai Composite Index surged 52.91 points, or 2.33 percent, to close at 2,326.31; while the Shenzhen Component Index rose 201.6 points, or 2.21 percent, to finish at 9,341.35.

The indices opened higher Tuesday after Monday's scorching losses as investors looked to the NPC meetings for government action on the policy front. Both markets tracked upward throughout the day as most sectors climbed into positive territory.

The financial sector was the biggest winner Tuesday. Both Ping An Bank Co and Founder Securities Co jumped past the 10-percent daily trading limit to 23.93 yuan ($3.84) and 7.52 yuan respectively.

The medical equipment and biomedical sectors were buoyed by reports that the State Food and Drug Administration may shorten the approval period on generic drugs. Grandhope Biotech Co jumped 7.73 percent to 23.97 yuan, and Livzon Pharmaceutical Group gained 7.20 percent to 49.30 yuan.

In a mostly up day for A-shares, property developers posted mixed results. The sector tanked Monday after the addition of a 20 percent capital gains tax on second-hand home sales sparked a wave of sell-offs. China Vanke Co's Shenzhen-traded A-shares added 0.46 percent to finish at 10.89 yuan. Poly Real Estate Group Co declined 1.06 percent to 11.25 yuan.

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