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Chinese stock benchmark index regains 3,000-point mark

Source: Xinhua | December 8, 2014, Monday | Online Edition

Chinese shares continued rising on Monday, with the benchmark Shanghai index jumping over 2 percent to regain the 3,000-point psychological mark, the first time since April 25, 2011.

The benchmark Shanghai Composite Index advanced 2.1 percent to 3,001.48 points at around 1:14 pm, 14 minutes after the start of the afternoon trading session. The smaller Shenzhen Component Index jumped more than 2.5 percent.

Financial companies, aviation firms and shipbuilders led the charge.

The financial sub-index jumped over 5 percent, with five securities firms jumping by the daily 10 percent limit, including Citic Securities and Hongyuan Securities.

Shares related to China's aviation and space industry rose across the board, after China launched the CBERS-4 satellite, jointly developed with Brazil, on Sunday by a Long March-4B rocket, the 200th launch of Long March rocket family.

Five shares including Hongdu Aviation Industry Group and AVIC Aircraft Co. Ltd surged by the daily 10 percent limit.

Chinese shares, which had been bearish for years, have continued to rise in the past several months.

By Friday closing, the benchmark Shanghai index had gained 883 points, or 43 percent, from the closing on July 21, which stood at 2,054.5 points.

The rally was supported by November's interest rate cut, which increased liquidity. Since the Chinese central bank cut interest rates on Nov. 21, the Shanghai index has surprised the market with a 17 percent jump.

Many institutions expect a cut in the reserve requirement ratio soon for some banks, which is expected to release more funds into the equity market. Analysts view the rally as the beginning of a bullish cycle.

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