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Shanghai stock index up 52% as top performer
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SHANGHAI stocks climbed more than 52 percent in 2014, ending at a five-year high today as the world's top-performing major equity market.
The Shanghai Composite Index added 2.2 percent to close at 3,234.68 points, up 52.9 percent in the year, with most of those gains coming in the past six weeks. The Shanghai Shenzhen CSI300 index, a gauge that tracks the performance of 300 mainland stocks with the largest capitalization, rose 2.2 percent to 3,533.71 points, up 51.7 percent for the year. Both indexes were at its highest level since January 2010.
The rally was partly due to the launch of the Stock Connect between Shanghai and Hong Kong, allowing foreign investors to buy Shanghai shares directly for the first time. The market was blostered by optimism over monetary easing earlier in the year, while the euthusiam for stock investment was further encouraged after the central bank unexpectedly cut interest rates in November by 40 basic points, its biggest reduction since global financial crises in 2008.
Among other major East Asia indexes, Tokyo's Nikkei 225 Average climed 7.1 percent for the year, while Singapore's Straights Times Indexes was up 6.2 percent, Taipei's Taiex ended with a 8.1 percent gain. Hong Kong's Hang Seng Index increased 1.3 percent and Seoul's Kospi dropped 4.8 percent.
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