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Chinese stock market continue its surge China's Shanghai and Shenzhen stock markets continued its upward surging trend Thursday. The fact that both exchanges had combined turnover of more than 32 billion RMB (US.87 billion) testified to the gradual resumption of investor confidence. After today's market opening, the Shanghai index at one point reached 1,146 before giving up some of its gains. At the close, the Shanghai index rose 15.47, rising by 1.39%. The day before, the Chinese stock markets registered a once-in-a-few-years' violent upsurge phenomenon, attracting many returning customers to securities firms accustomed to having fewer and fewer clients since last year. According to the statistical reports of China's www.chinaclear.cn, both the Shanghai and Shenzhen exchanges saw many new accounts being opened this week, with individual account openings over 1,000 each day. Although investor confidence is gradually being restored and stock turnover is on the rise, whether China's stock market can rise from its bottom still has many industry experts worried. Relevant persons has told this reporter that this recent upsurge was to a large extent triggered by better than expected profits, but would not be able to maintain its upward momentum unless market-stimulating policies are launched. The rumor mill has it that the China Securities Regulatory Commission will soon have several major good news to announce, including the launch of stabilization funds, encouragement of QFII to increase the amount it would invest in the market and the development of more stock funds, as well as favorable tax policies on stock investment.
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