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China stocks hit 7-year high
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CHINESE shares continued to march on Friday, extending gains for the fourth day and sending shares to a 7-year high.
The benchmark Shanghai Composite Index surged 2.83 percent, or 128.17 points, to finish at 4,657.6 points, while the Shenzhen Component Index gained 1.09 percent, or 173.27 points, to close at 16,045.8 points.
Total turnover on the two bourses came in at 1.99 trillion yuan (326.2 billion U.S. dollars).
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, dropped 0.31 percent, or 10.78 points, to end at 3,516.63 points.
The securities, healthcare, artificial intelligence, coal and banking sectors were among the day's biggest winners.
The securities industry rose by over 5 percent, with Sealand Securities and Dongxing Securities both surging by the daily limit of 10 percent to end at 21.1 yuan and 37.11 yuan, respectively.
The banking sector rose by nearly 2 percent. Industrial Bank Co. gained 4.83 percent to 19.54 yuan per share, while Huaxia Bank rose 4.72 percent to end at 16.18 yuan.
Market sentiment remained buoyant as investors continued to pour money into the capital market in hopes of further government stimulus to arrest the economic slowdown.
The National Development and Reform Commission, the country's top economic planning body, has announced investment of over 450 billion yuan in infrastructure investments since May 18.
Policy easing expectations will continue to shore up the stock market in the medium-long term, Founder Securities predicted.
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