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Shanghai shares jump to 5-year high in 1st trading day in 2015
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SHANGHAI stocks today surged to a five-year-high as the market reopened on the first trading day in 2015.
The benchmark Shanghai Composite Index rose 3.58 percent to 3,350.52 points. For the past year, the shares had gained 50 percent.
As shown in a private survey last week, China saw its manufacturing activities weaker for the first time in seven months, causing investors to anticipate loosened monetary policy.
Analysts said capital continued to flow into blue chips such as petroleum, coal and nonferrous metals, signifying investors’ strong sentiment in the new year.
The nonferrous industry boomed as China has just abolished previous export quotas for rare earth, as well as tungsten, molybdenum and fluorspar.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech, Rising Nonferrous Metals Share and Jinduicheng Molybdenum all surged by the daily limit of 10 percent to 28.47 yuan, 61.14 yuan and 10.31 yuan.
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