A-Share stock markets in both Shanghai and Shenzhen hit new highs last
week, as investors continued to pour money into Chinese both A-grade
and supporting B-level equities, reports Interfax.
The Shanghai composite index soared above the key 5,000 points
benchmark for the first time, despite two new policies aimed at
slowing growth in the Chinese economy. Last Wednesday, the People's
Bank of China raised interest rates by 27 base points, the fourth such
rise this year. Meanwhile, the State Administration of Foreign
Exchange approved the individual overseas investment programme,
permitting individuals to directly invest in Hong Kong-listed
securities using foreign exchange held via accounts in Tianjin's
Binhai New Area.
At Friday's market close, the benchmark Shanghai composite index
jumped 9.69 per cent, ending at 5,107.67 points, after briefly hitting
a high of 5,125.36 points. The counterpart Shenzhen composite index
leapt 10.34 per cent, closing at 1,431.28 points.
Analysts say that certain heavyweight stock performances fuelled the
week's robust growth, helping to push up indices. These include
Minsheng Bank (up 17.46 per cent last week), CITIC Securities (up
21.23 per cent) and Shanghai International Airport (up 13.09 per
cent).
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