Stocks up 1.57% amid high trade

Source: Xinhua | 2019-03-07

The Shanghai stock index gained another 1.57 percent to cross the 3,100-point barrier yesterday, with trade volume jumping over 1.1 trillion yuan (US$164.2 billion), a record high since November 2015.

The surging index and trade volume reflected investor confidence and ample liquidity. The market sentiment was lifted by the government’s plan to reduce tax and expectations of a flood of overseas capital.

The benchmark Shanghai Composite Index soared 1.57 percent to close at 3,102.1. The smaller Shenzhen Component Index also shot up 1.09 percent to 9,700.49 and the Growth Enterprise Market, surged 1.43 percent to close at 1,700.50.

Total turnover on the Shanghai and Shenzhen bourses hit 1.1 trillion yuan, compared with 900 billion yuan a day earlier.

High-tech and securities shares led the surge, with more than 200 shares jumping 10 percent, fueling capital activity and positive market mood, analysts said.