Stock market sees first ever trillion-yuan day
Print Edition
CHINA’S stock market extended its rally yesterday as the daily trading volume surpassed 1 trillion yuan (US$162.6 billion) for the first time in history.
Driven by blue chip shares in the finance, military equipment and petroleum sectors, the Shanghai Composite Index rose 1.32 percent to end the week up more than 9 percent at 2,937.65 points, its highest level since April 26, 2011.
The index last broke the 3,000 mark on April 22, 2011.
The smaller Shenzhen Component Index gained 0.37 percent yesterday to close at 10,067.28 points.
The combined turnover in Shanghai and Shenzhen was 1.07 trillion yuan, up from 887.51 billion yuan on Thursday.
Investor optimism remained high ahead of next week’s Central Economic Work Conference — an annual event at which the government sets its policy tone for the year ahead — while sentiment was buoyed by expectations of further economic stimulus measures.
“If the optimism continues, we could see average daily trading volumes of between 600 billion and 800 billion yuan,” Shenyin & Wanguo Securities said in a note yesterday, adding that securities companies are likely to be among the biggest beneficiaries of the bull run.
Founder Securities, Industrial Securities and CITIC Securities all rose by the 10 percent daily limit yesterday, to 14.17 yuan, 14.80 yuan and 23.18 yuan, respectively.
Sentiment in the financial sector also remained positive after the China Banking Regulatory Commission on Thursday released draft reforms.
The proposals are likely to result in lower financing costs across all sectors, Everbright Securities said.
Shares of China Construction Bank responded with a 10 percent jump to 5.70 yuan, while Agricultural Bank of China rose 8.5 percent to 3.31 yuan and Industrial and Commercial Bank of China gained 7.5 percent to 4.59 yuan.
The military equipment sector was also bolstered by comments made by President Xi Jinping at a People’s Liberation Army conference in Beijing, at which he called for the accelerated development of military equipment systems.
Advanced weaponry is the embodiment of a modern army, and crucial to national security and rejuvenation, he said.
Aerospace Communications, Shaanxi Aerospace Power Hi-Tech and China Spacesat all responded with daily maximum gains of 10 percent, to 17.99 yuan, 19.23 yuan and 25.52 yuan, respectively.
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