Chinese stocks rebound led by gold producers, brokerages
January 7, 2015 5:29 am
Chinese stocks recovered from recent losses with the CSI 300 reaching a five-year high as gold producers and brokerages surged to overshadow loss in the energy shares.
The CSI 300 added 0.2% at the trading break. The Shanghai Composite Index rose by less than 0.1%. China’s benchmark index has already advanced a total of 64% for the year 2014, making it the best performer out of 93 global indices. Hong Kong’s Hang Seng Index rose by 0.5% while the Hang Seng China Enterprises Index added 0.5%. Speculations of a government stimulus to support government in the form of easing in the monetary policy is still spreading across the market.
Gold producers, Zijin Mining Group Co. and Shandong Gold Mining Co. surges by at least 6%. PetroChina Co. along with China Petroleum & Chemical Corp. tumbled by 1.4%. Citic Securities Co. and Haitong Securities Co. added more than 4.6% each.
Strategist at Zheshang Securities Co., Wang Weijun, commented to Bloomberg that the market is still looking so far. Weijun adds that however, as it keeps getting high, the risk of correction is also higher.
Meanwhile, US stocks extended declines with the S&P 500 entering its fifth consecutive day of decline as oil prices continued to plummet.
The material has been provided by InstaForex Company – www.instaforex.com
Chinese stocks recovered from recent losses with the CSI 300 reaching a five-year high as gold producers and brokerages surged to overshadow loss in the energy shares.
The CSI 300 added 0.2% at the trading break. The Shanghai Composite Index rose by less than 0.1%. China’s benchmark index has already advanced a total of 64% for the year 2014, making it the best performer out of 93 global indices. Hong Kong’s Hang Seng Index rose by 0.5% while the Hang Seng China Enterprises Index added 0.5%. Speculations of a government stimulus to support government in the form of easing in the monetary policy is still spreading across the market.
Gold producers, Zijin Mining Group Co. and Shandong Gold Mining Co. surges by at least 6%. PetroChina Co. along with China Petroleum & Chemical Corp. tumbled by 1.4%. Citic Securities Co. and Haitong Securities Co. added more than 4.6% each.
Strategist at Zheshang Securities Co., Wang Weijun, commented to Bloomberg that the market is still looking so far. Weijun adds that however, as it keeps getting high, the risk of correction is also higher.
Meanwhile, US stocks extended declines with the S&P 500 entering its fifth consecutive day of decline as oil prices continued to plummet.
The material has been provided by InstaForex Company – www.instaforex.com
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