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July 10, 2020

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Stocks see 8th straight day of gains

China stocks extended gains yesterday, with the Shanghai and Shenzhen main board indexes rising for their eighth straight sessions.

The Shanghai Composite Index rose 1.39 percent to 3,450.59 points, while the smaller Shenzhen Component Index jumped 2.6 percent to 13,754.74 points.

The ChiNext Composite Index soared 3.99 percent to 2,757.65 points, and the blue chip CSI300 Index closed 1.4 percent higher at 4,840.77 points.

Total turnover on the two major bourses increased to 1.73 trillion yuan (US$247.1 billion), from 1.54 trillion yuan in the previous session. Volume on the Shanghai Stock Exchange was 751.4 billion yuan, up 54.6 billion yuan from Wednesday.

Overseas capital continued to flow into the Chinese mainland markets, with a net influx of 7.95 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

Guotai Junan Securities said that the markets would continue to perform strongly under bullish market sentiment, as turnover on the two major bourses has remained above 1.5 trillion yuan for four consecutive trading days, and incremental funds are rapidly flowing into the stock market.


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