Quantcast
Thursday , August 24 2017
Breaking News
Home / International Markets / China stocks record 3yrs high, Shanghai Composite rises 1pc, Hang Seng adds 11,209.66pts
China stocks record 3yrs high, Shanghai Composite rises 1pc, Hang Seng adds 11,209.66pts

China stocks record 3yrs high, Shanghai Composite rises 1pc, Hang Seng adds 11,209.66pts

SHANGHAI: China’s stocks enlarged their gains to three-year highs as shareholders piled into large-business shares as well as brokerages among the outlook a fresh soar in trading will boost income.
PetroChina Co., China Shenhua (601088) Energy Co., Jiangxi Copper Co. and SAIC Motor Corp. all advanced at least 2 percent. Gains for “blue chips” may drive the benchmark index to the 4,000 to 5,000 range next year, the 21st Century Business Herald reported cited Yin Zhongli, a vice director at the Chinese Academy of Social Sciences, as saying. Citic Securities Co. climbed 5 percent, extending a rally to to 54 percent over the past month China Merchants Bank Co. (600036) surged 4.5 percent after Anbang Insurance Group Co. increased its stake in the lender.
The Shanghai Composite Index (SHCOMP) rose 1 percent to 2,806.43 at 10:28 a.m., the highest level since July 2011. The rally for stocks is spurring mainland investors to open stock accounts at the fastest pace in three years and sending trading values to record highs. Trading volumes were 42 percent higher than the 30-day average for this time of day.
Hong Kong’s Hang Seng China Enterprises Index (HSCEI) added 1.4 percent to 11,209.66. The CSI 300 Index (SHSZ300) rose 1.3 percent. The Hang Seng Index gained 0.7 percent. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, retreated 1 percent in New York yesterday.