China's Stock Markets Maintain MomentumChina's stock markets last week generally maintained an upward trend that started late October. Solid domestic A shares, which logged gains for the fifth straight session on Friday, supported the boom, said analysts.The Shanghai composite index rose 65.827 points from the previous week to 2,047.458 and the Shenzhen composite sub-index surged 197.7 points to 4,826.12 on Friday. A shares, reserved for Chinese investors, extended their upward streak, with the property sector shining in Shanghai and technology stocks outperforming others on the Shenzhen bourse, brokers said. Shanghai's transaction volume reached 55.83 billion yuan (about 6.73 billion U.S. dollars) last week, compared with 43.36 billion yuan of the previous week. The U.S. election had little effect on China's stock markets, which are insulated from neighboring markets, said brokers. Brokers said the market still remained bullish in the medium term due to positive sentiment over impending market reforms but further market advances depended on concrete government policy incentives and activity by institutional investors, who have been largely shy about trading recently. State media quoted China Securities Regulatory Commission (CSRC) chief Zhou Xiaochuan as saying China would allow foreign brokers to trade B shares through special exchange seats and approved Sino-foreign joint venture mutual fund management companies. |
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