Index passes 3,000 for 1st time since April 2011
Print Edition
CHINA’S record-high trade surplus was the tonic for the Shanghai Composite Index to surpass 3,000 points for the first time in more than three and a half years yesterday.
The index jumped 2.81 percent to 3,020.26 points. The last time it passed 3,000 was on April 22, 2011.
Investors must consider risks while putting money into stocks, China’s securities regulator warned yesterday after a buying spree fueled a 21 percent surge in the Shanghai index over the past month.
China’s exports rose 4.7 percent in November from a year ago, while imports surprisingly fell 6.7 percent, giving a trade surplus of US$54.5 billion. Both figures, however, came in well below expectations.
Deutsche Bank said in a statement yesterday that China’s real economy may face a shortage of capital for investment in other sectors as huge amounts of money have been flooding into the stock market recently. The rally in the stock market may also persuade the Chinese central bank to delay a cut to banks’ reserve requirement ratios.
“From the stand point of policy-makers, stocks having risen too far, too fast is not a good signal,” the bank said, adding that the government’s focus is to reduce the financing cost in the real economy.
Founder Securities, China Merchants Securities and CITIC Securities all surged by the 10 percent daily cap to 15.59 yuan (US$2.53), 28.66 yuan and 25.50 yuan respectively.
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