China's market hits best day with RMB3.5 tn in Stocks Traded
Mainland stocks soared more than 10 percent at the open on Tuesday as traders resumed a blistering rally after a week-long break hoping for more economy-boosting measures from Beijing, which unveiled a slew of stimulus last month.
The CSI 300 Index, which tracks the biggest companies in Shanghai and Shenzhen, closed 5.9 percent higher, after surging 10.8 percent earlier during the day in its biggest intraday percentage gain. A record 3.5 trillion yuan (US$500 billion) of equities changed hands on the mainland, surpassing the September 30 high.
The Hang Seng Index plunged 2,173 points, or 9.4%, finishing at 20,927 on Tuesday after surging in the previous two sessions, while mainland markets reopened after a weeklong holiday with solid gains as Beijing expressed confidence that it will meet its economic targets.
The Hang Seng Index had shed more than 5.5 percent, or nearly 1,300 points, in morning trade, and the sell-off continued in the afternoon. The index finished the day 9.4 percent or 2,172 points lower at 20,926 with a fresh record HK$620 billion worth of shares changed hands.
Mainland traders dived into the market to catch up with the Hang Seng Index, which had soared to a 32-month high of 23,099.78 on Monday. The frenzy was also felt in New York, where the Nasdaq Golden Dragon China Index, which tracks 64 US-listed Chinese stocks including Alibaba Group Holding and Xpeng, had gained 10.9 percent during China's National Day from October 1 to 7.
At a press briefing in Beijing, the head of the National Development and Reform Commission, Zheng Shanjie, said China is fully confident of achieving economic targets for 2024 and would pull forward 200 billion yuan from next year's budget to spend on investment projects and support local governments.
(By Kato Ip)
Related News:
Comment