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Chinese shares soar more than 4% Thursday
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CHINESE shares leaped by more than 4 percent on Thursday, with the benchmark Shanghai Composite Index hitting its highest level since May 3, 2011.
The Shanghai index surpassed the psychologically important 2,800-point mark in less than 30 minutes following Thursday's opening. It continued rising and reached as high as 2,900.51 several minutes before closing at 2,899.46, a 4.31 percent increase.
The smaller Shenzhen Component Index jumped by 4 percent to reach 10,029.83, surpassing the 10,000-point mark for the first time since June 1, 2012.
The combined turnover in Shanghai and Shenzhen stood at 887.51 billion yuan (US$144.52 billion), slightly down from 914.9 billion yuan reported on Wednesday.
Many analysts view the recent rallies as the beginning of a bullish cycle. Since the beginning of this year, the Shanghai Composite Index has surged more than 37 percent.
Since the country's central bank cut interest rates on November 21, the Shanghai index has surprised the market with a 16.6 percent jump.
Eased market liquidity after the risk-free rate cut provided the capital basis for the recent strong performance, said Dalian Huaxun Investment Advisory Co., a financial analysis firm, adding that the A-share market may see a strong bullish cycle.
Financial, coal and oil heavyweights led the charge. The financial sub-index jumped 8.17 percent, with more than 10 securities firms hitting the daily trading limit of 10 percent, including Citic Securities, Huatai Securities and Hongyuan Securities.
In a rare scenario, two oil giants, PetroChina and Sinopec, also jumped by the daily 10 percent limit.
Other market heavyweights were strong across the board. China Shenhua, the nation's largest coal miner, advanced 8.21 percent. Industrial and Commercial Bank of China, the No. 1 commercial bank in China, rose 4.15 percent. China Vanke, the largest property developer, soared 4.38 percent.
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