Government News
China's stocks market records a record turnover 2024-10-08
The combined turnover of China's Shanghai and Shenzhen bourses reached 3.45 trillion yuan (US$487.92 billion) on Tuesday, surpassing the 2.59 trillion-yuan turnover recorded on September 30 and hitting a new high.
The benchmark Shanghai Composite Index went up 4.59 percent to close at 3,489.78 points, while the Shenzhen Component Index closed 9.17 percent higher at 11,495.1 points.
China's blue-chip CSI 300 jumped more than 10 percent intraday after returning from the weeklong holiday, but surrendered some gains in the second half of the session, closing 6 percent up.
Industry sectors such as semiconductors, consumer electronics, and medicine rose.
Zheng Shanjie, chairman of the National Development and Reform Commission, said China was "fully confident" of achieving its full-year growth target.
"The market sentiment has improved recently with a pick-up of the purchasing managers' index in the manufacturing sector, a warming stock market and a vital consumption market during the National Day holiday following the implementation of existing policies and incremental policies unveiled recently," Zheng told a press conference.
In addition, the fundamentals of China's economic development had not changed, and favorable conditions such as huge market potential and strong economic resilience had not changed, Zheng said.
At a conference organized by the State Council Information Office today, another package of policies was launched to optimize the Chinese economy.
Equities have been on a tear since officials began announcing a raft of measures – which included interest rate cuts and support for the beleaguered property and stock markets – on September 24 aimed at boosting the world's No. 2 economy, with an emphasis on the troubled property sector.
The bluechip CSI 300 index jumped 8.48 percent on September 30 as investors rushed to buy in before the weeklong holiday. It was the biggest daily gain since April 2008. This followed a rise of 15.7 percent in the index the previous week, which was its best weekly performance since 2008.
At a securities company business department hall in downtown Jinhua, Zhejiang Province, today many investors came to consult securities investment, stock trading, account activation and other related securities trading business.
Under the surging A-share market, investors are busy opening new accounts, and brokerage firms are busy attracting customers.
A Donghai Securities spokesman said the number of customer consultations rose significantly during the holiday.
"The average daily amount of customer consultation is three times more than usual," he said.
Among excited investors eager to open new accounts, experienced investors only expect to minimize the loss.
One investor with over 20 years of experience said he saw the recent market surge as a chance to reduce earlier losses.
"I've only made some small investments recently, so I haven't really been making money," he said.
Guangdong Road in Shanghai, known as the street stock bar, recently saw hundreds of stockholders eager to discuss A shares.
Source: Shanghai Daily
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