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Chinese Equities Extend Bullish Race For Day 7, Closing At Multi-Year Highs
* Shanghai equities + 1.7%, blue-chips + 1.6%; both are beating new heights
* Retail and regulatory support continues the rally for the 7th day
* Morgan Stanley raises its index targets; UBS sees more on the rise
HONG KONG, July 8 (Reuters) – Actions in mainland China closed at multi-year highs on Wednesday, extending their winning streak in seventh session, as hopes for economic recovery, regulatory and retail support have held up the relentless market rally. ** At the close, the Shanghai composite index was up 1.7% to 3,403.44, its highest closing level since February 2018, while the CSI300 benchmark ended up 1, 6%, at its highest closing level since June 2015.
** The CSI300 financial sector sub-index jumped 2.6%, the consumer staples sector rose 0.3% and the real estate index 0.1%.
** The smallest index in Shenzhen rose 1.9% and the composite index of the start-up ChiNext Composite rose 2.3%, reaching its highest level in almost five years.
** Last week, government spokesperson, China Securities Journal, called for a healthy bull market to help Beijing diplomacy.
** Morgan Stanley raised the target prices of the CSI300, MSCI China, Hang Seng and H-share indices. UBS analysts said in a note on Wednesday that the CSI300 may rise slightly over the next three to six months on “dynamic earnings estimates for next year rather than on a revaluation of the valuation”.
** “The recent sharp rise in the CSI300 index in China reminds us that this is an inefficient market focused on the retail business,” said Nicholas Yeo, manager of Chinese equities at Aberdeen Standard, in reports. written comments. “What is important is not to follow the market blindly.”
** The Shanghai index is up 11.6% and the CSI300 has increased 16.5% so far this year. Shanghai shares have risen 14% so far this month.
** About 58.71 billion shares were traded on the Shanghai stock exchange. The volume of the previous trading session was 65.78 billion. (Report by Noah Sin; edited by Uttaresh.V)
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