Shanghai Stock Index Record
Wednesday, May 9th, 2007The Shanghai Stock Index has broke through the 4000 point mark. The Chinese stock exchange closed at 4,013.09 points, up 1.6%. This year alone the Shanghai Stock Index expanded by 50%, and doubling last year. Chinese banks and telecom companies are reporting solid profits. More Chinese are investing in stocks instead of storing their money on saving accounts.
Shanghai’s stock index burst through the psychologically important 4,000 point mark on Wednesday as investors shrugged off official warnings of a possible market bubble amid soaring corporate profits.
The benchmark Shanghai Composite Index, which tracks both dollar and Chinese yuan denominated shares, ended up 1.6 percent at 4,013.09, an all-time high. The Shenzhen Composite Index rose 0.3 percent to 1,111.29, also a record close.
Chinese shares have surged this week despite the central bank governor’s expression of anxiety Sunday that they might be headed for a bubble.
So far this year, the Shanghai index is up 50 percent - after more than doubling last year.
Read more at Forbes.com