China stocks closed up on Thursday, the first rise this week, as investors returned to the market in search of bargains. Although Hong Kong's Hang Seng Index and the Euro Stoxx have been up 1.7 percent and 0.7 percent respectively over the past week, China's CSI300 is down for the week in what analysts say is a reaction to uncertain domestic economic conditions.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.5 percent, to 3,252.52, while the Shanghai Composite Index gained 0.4 percent, to 3,039.01 points. Analysts say that China's Shanghai Composite Index will struggle to move much higher than 3000 without clearer positive signals from the economy. Nonetheless after five straight sessions of small losses, buyers came back to the market today, although volumes were low.
Finance shares led indexes higher but gains were broad based extending through most sectors including manufacturing, information technology, real estate, and utilities. The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 128.06.
A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. The northbound quota for the Hong Kong-Shanghai Stock Connect, currently set at 13 billion yuan, saw net inflows of 0.50 billion yuan. Total volume of A shares traded in Shanghai was 8.60 billion shares, while Shenzhen volume was 11.84 billion shares. Total trading volume of companies included in the HSI index was 0.7 billion shares.
Comments
Comments are closed.