Stimulus hopes push shares to new high
Print Edition
SHANGHAI stocks surged to a five-and-a-half-year high yesterday, their first trading day in 2015, on hopes for fresh economic stimulus.
The Shanghai Composite Index rose 3.58 percent to end at 3,350.52 points. The last time the index closed higher was when it hit 3,356.33 on August 6, 2009. The index surged more than 50 percent last year.
Analysts said investor expectations for the year were strong as they pumped more capital into blue chips such as petroleum, coal and nonferrous metals.
Investors are hoping China will ease monetary policy after a private survey last week showed manufacturing activity shrank for the first time in seven months in December.
The HSBC Purchasing Managers’ Index, which measures conditions in manufacturing firms, fell to 49.6 last month, from 50 in November.
The shares of nonferrous metals producers rose as China has abolished export quotas for rare earths, 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 10 percent daily limit to 28.47 yuan (US$4.58), 61.14 yuan and 10.31 yuan.
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