Shares rise for 5 weeks in a row as funds enter
Print Edition
SHANGHAI stocks continued to pick up steam with yesterday’s growth marking the fifth consecutive week of rebound, with capital flowing into a market driven by policy stimuli and steady economic recovery.
The Shanghai Composite Index gained 0.78 percent to 3,196.04 points yesterday, its highest point this year. Over the past week the index added 2.26 percent after a continuous rally during the previous four weeks.
“The stock market is becoming attractive for investors,” said Zhang Qi, an analyst at Haitong Securities. He said the capital inflow was driving growth.
Last month the domestic stock market received a net capital inflow of 89.7 billion yuan (US$13.2 billion), while the first week of November extended the inflow by 6.1 billion yuan, according to China’s Securities Investor Protection Fund.
“Investors are becoming optimistic on the economic outlook amidst positive signals such as the CPI and PPI increases, while yesterday the news of the upcoming Shenzhen-Hong Kong Stock Connect also added fuel to the fire,” Zhang said.
Hong Kong media reported that the implementation of the Shenzhen-Hong Kong Stock Link could be expected on November 21.
More than half of the domestic securities firms have trading licenses on the Shenzhen-Hong Kong Stock Connect, Phoenix New Media reported yesterday. Founder Securities Co surged by the daily limit of 10 percent to 8.56 yuan.
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