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Home / International Markets / Chinese shares close historic high of 4.31%, Shanghai Composite adds 119.93pts
Chinese shares close historic high of 4.31%, Shanghai Composite adds 119.93pts

Chinese shares close historic high of 4.31%, Shanghai Composite adds 119.93pts

HONG KONG: Chinese shares recorded historic high of 4.31 percent on Thursday to close near 4 year high as fresh funds chased a recent rally, dealers said.

The benchmark Shanghai Composite Index soared 119.93 points to 2,899.46 on turnover of 509.2 billion yuan ($82.9 billion). The close marked the highest since May 3, 2011.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, gained 2.00 percent, or 29.04 points, to 1,481.96 on turnover of 360.0 billion yuan.

“Investors are flooding into blue chip stocks with low valuations,” said Deng Wenyuan, an analyst at Soochow Securities. “The balloon in the stock market is being blown up and it has yet to burst,” Deng told Dow Jones Newswires.