Shanghai soars to 4-year high on financials
Print Edition
SHANGHAI stocks soared to a four-year high as financial stocks surged even as Asian markets remained flat yesterday as key bourses remained closed for the Christmas holiday.
Shanghai jumped 2.77 percent, or 85.06 points, to 3,157.60 on turnover of 488.9 billion yuan (US$79.9 billion).
The close marked the highest since November 8, 2010 when the Shanghai index ended at 3,159.51 points.
The Shenzhen Composite Index, which tracks stocks on the Chinese mainland’s second exchange, rose 1.04 percent, or 14.86 points, to 1,439.48 on turnover of 221.2 billion yuan.
Financial stocks led the increases. Bank of Communications rose by 4 percent and Industrial and Commercial Bank of China was 3.2 percent higher.
Tokyo inched up 0.06 percent, or 10.21 points, to finish at 17,818.96, while Seoul edged up 0.08 percent, or 1.55 points, to finish at 1,948.16.
Trade was muted in the rest of Asia as stock exchanges in Hong Kong, Australia, New Zealand, the Philippines and Indonesia were closed yesterday on account of public holiday.
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