The Shanghai Composite Index (SHCOMP) rallied 2.2 percent to 2,051.75 by the close, the biggest gain since Nov. 18, as volumes jumped to one-month highs. Money-market rates slid for a second day after the central bank added more than $42 billion to the financial system to meet Lunar New Year money demand. The nation’s markets are closed from Jan. 31 to Feb. 6.
The CSI 300 Index surged 2.6 percent to 2,243.80. The ChiNext index rose 1.8 percent to a record. The Hang Seng China Enterprises Index (HSCEI) advanced 1.2 percent
The Shanghai Composite has fallen 3 percent this year on concern that the resumption of initial public offerings will divert funds, while slowing economic growth and rising borrowing costs would hurt profits. The measure trades at 7.7 times 12-month projected earnings, near the lowest level since 2005.
The CSI 300 Index surged 2.6 percent to 2,243.80. The ChiNext index rose 1.8 percent to a record. The Hang Seng China Enterprises Index (HSCEI) advanced 1.2 percent
The Shanghai Composite has fallen 3 percent this year on concern that the resumption of initial public offerings will divert funds, while slowing economic growth and rising borrowing costs would hurt profits. The measure trades at 7.7 times 12-month projected earnings, near the lowest level since 2005.