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Shanghai stocks are rising from economic optimism
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Shares in Shanghai rose to a peak of more than two years on Monday, as investors piled up after a combination of rosy market forecasts and strong economic data.
The Shanghai Composite Index benchmark reached 5.71 percent (180.07 points) to 3,332.88, the best close since March 2018, while the Shenzhen Composite Index, which tracks equities on China’s second stock, was 3.90 percent or Achieved 79.70 points to 2,121.59.
The Hang Seng Index in Hong Kong rose 3.81 percent or 966.04 points to 26,339.16.
Mainland Chinese stocks have slumped most of the year as a result of economic shutdowns caused by the corona virus, but have skyrocketed recently, rising by more than 12 percent in the past week.
Investors have become increasingly optimistic, aided by data from last week that showed factory activity accelerated in June.
Zhang Gang, a strategist at Central China Securities, said that and other signs had raised expectations of stronger-than-expected economic growth in the second quarter. Figures are due to be released next week.
He added that the recent new policy to strengthen the securities sector had also boosted sentiment and expected the rally to continue.
“The epidemic has suppressed consumption too much and now there is a tremendous recovery. Consumer sector growth is set to return to normal at a rapid pace and so will overall economic growth,” he said.
However, economists warn that momentum may weaken in the second half as major overseas markets continue to struggle with the health crisis.
Leading brokerage firm China International Capital Corp. also predicted that Chinese stock markets could double in value over the next five to 10 years.
The forecast was widely reported by Chinese media on Monday, and analysts said it likely contributed to the day’s surge.
Stocks were among the biggest winners.
Guosen Securities rose by the daily limit of 10 percent and closed at 14.14 yuan, while First Capital Securities also raised the maximum amount to 9.11 yuan.
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