Panic sales seem to be easing
Print Edition
Chinese stocks jumped more than 2 percent yesterday amid heavy trading volume as blue chip and consumption shares rebounded, indicating a return to stability and confidence in the domestic market.
The benchmark Shanghai Composite Index increased 2.34 percent to close at 2,722.44, while the Shenzhen Component Index was up 2.37 percent to end today鈥檚 session at 9,921.68.
Trading volume on the two bourses was 712.5 billion yuan (US$101.8 billion), compared with 687.4 billion yuan on Monday. The China Growth Enterprise Marketindex rebounded 2.73 percent to close at 1,876.91, following a 4.6 percent plunge on Monday. A total of 84 firms on the STAR Market gained with only eight closing lower.
The market is facing an end to 鈥減anic selling鈥 and becoming 鈥渢emporarily stable,鈥 Guotai Junan Securities said. Northbound funds 鈥 overseas capital flowing into Chinese mainland markets via Stock Connect schemes 鈥 generated a net inflow of 3.99 billion yuan, following an outflow on previous trading days.
Insurance giant Ping An jumped 3.28 percent to 68.95 yuan while home appliance heavyweight Gree surged 3.90 percent to 51.14 yuan. China Unicom was up 3.11 percent to 5.31 yuan after the country鈥檚 second largest mobile carrier posted more than 22 percent growth in 2019 net profit.
In the long term, the market still faces uncertainty, mainly due to COVID-19鈥檚 influence on overseas markets, analysts say.
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