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December 2, 2020

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Financials power stock index surge

By Tracy Li | 00:00 UTC+8 December 2, 2020 | Print Edition

Investors were happy as major indexes on China’s stock market shot up yesterday amid optimistic trading sentiment.

The benchmark Shanghai Composite Index increased 1.77 percent to close at 3,451.94 points thanks to strong showings by the financial, media and biomedical sectors.

The smaller Shenzhen Component Index gained 1.90 percent to finish at 13,930.37, while the ChiNext Index surged 2.53 percent to end its trading day at 2,698.44.

More than 16 billion yuan (US$2.43 billion) of northbound foreign capital flowed into the A-share market via China’s stock connect initiatives. Combined turnover on the two bourses came to 864.9 billion yuan, compared with 950.7 billion yuan in the previous session.

Shares of Guosheng Financial Holding rose to the daily maximum of 10 percent to close at 13.62 yuan.

The Caixin manufacturing PMI, which surveys small- and medium-sized enterprises and export-oriented companies located in eastern coastal regions, jumped to a stronger-than-expected 54.9 in November from 53.6 in October, its highest reading since December 2010.

The improvement, in line with November’s rise in official PMIs released yesterday, can be credited to China’s successful containment of COVID-19, strong exports of personal protective equipment and work-from-home electronic products, the release of pent-up demand following the worst flooding in decades and fiscal stimulus via credit expansion, Nomura’s global markets research said.

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