The
Shanghai Composite Index rallied for a fifth day to a seven-year high
as investors sought financial companies and other underperformers this
year, while rotating out of overvalued, small-company stocks.
The
Shanghai Composite climbed 1.5 percent to 4,729.12 at 9:51 a.m. It
advanced 8.1 percent last week, the biggest gain since the week ended
Dec. 5, amid speculation the government may escalate measures to
stimulate the economy. The CSI 300 Index rose 1.4 percent. Hong Kong’s
market is closed Monday for a public holiday. The ChiNext slumped 3.3
percent, heading for the biggest drop since April 15.
The
China Securities Regulatory Commission will target listed companies’
information disclosure and abnormal trading activities in an effort to
clamp down on market manipulation, according to a statement posted on
its microblog on Friday.
Source: Bloomberg
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