Stocks rally the most in more than one week
Print Edition
SHANGHAI stocks gained the most in more than a week yesterday as uncertainties triggered by a slew of major events including the UK’s Brexit vote and the MSCI’s A-share decision eased.
The Shanghai Composite Index gained 1.45 percent to close at 2,895.7 points.
“While the UK’s unexpected Brexit vote from the European Union delivered a blow to global assets, the A-share market remained resilient as it shook off uncertainties that had been depressing the market including the Brexit referendum and the earlier MSCI’s decision” to exclude A shares in its index, said Essence Securities.
Analysts have, however, warned about long-term contagion arising from the Brexit vote which has so far had a muted impact on China’s stock market.
“Loss of direct financial holdings, further deterioration in current and capital accounts due to capital flight and weaker bilateral trade are three contagion effects from Brexit that China must be careful of,” said Hong Hao, chief strategist of BOCOM International.
Shares rose after China’s industrial profits gained 3.7 percent year on year in May, although it was a dip of 0.5 percentage points from April, according to data yesterday.
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