Chinese stocks extended their gains in Asian trading on Friday, spurred by a series of strong positive news as discussions about fiscal stimulus measures turned previous skeptics into supporters.
As of press time, the ChiNext Index rose more than 8% on the day, the Shenzhen Component Index rose more than 5% on the day, and CATL rose more than 9.4%. The CSI 300 Index rose more than 2.5% on the day, and has risen 13% so far this week, the largest increase since 2008. The turnover of the Shenzhen Component Index exceeded 510 billion yuan, the turnover of the Shanghai Composite Index was 270.5 billion yuan, and the turnover of the ChiNext Index was nearly 240 billion yuan. The turnover of the ChiNext Index is gradually approaching that of the Shanghai Composite Index.
The Hang Seng Index rose 2.6%, the Hang Seng Tech Index rose 3.93%, and once rose by more than 4%. The FTSE China A50 Index futures rose sharply by more than 2.6%.
Stock index futures surged, with the CSI 500 Index Futures (IC) rising nearly 7%, the CSI 1000 Index Futures (IM) rising more than 6%, the CSI 300 Index Futures (IF) rising more than 4%, and the SSE 50 Index Futures rising nearly 3%.
Treasury futures fell across the board, with the main 30-year contract down 2.03%, the main 10-year contract down 0.68%, and the main 5-year contract down 0.45%.
Today, A-shares opened high and trading was active. In the morning, many investors reported that brokerage transactions were delayed. The reporter learned that some brokerages have informed their branches that "the company's technical monitoring found that there is a delay in order submission. All brokerages have reported that this is a common problem in the industry." An industry insider analyzed that the current market entrustment volume is very large, and customers may not receive a clear result of the success or failure of the order withdrawal in time, which is a normal phenomenon.
According to the announcement of the Shanghai Stock Exchange: The Exchange has noticed that after the opening of today's stock auction transactions, there was an abnormal slow transaction confirmation. The Exchange has paid attention to the relevant situation at the first time and is investigating the relevant reasons.
Commodities were also carried forward, with iron ore futures rising further. Dalian Commodity Exchange iron ore futures rose by more than 4% to 747.5 yuan/ton; Singapore iron ore index futures rose by more than 3% to 101.75 US dollars/ton.
Just days into one of China’s boldest policy campaigns in decades, investors are feeling a surge of “FOMO”, sparking frenzied trading activity with volumes double those seen in the days leading up to the stimulus.
Morgan Stanley is one of many observers who have gradually turned bullish on Chinese stocks, with strategist Laura Wang and her colleagues believing the CSI 300 index has another 10% upside in the short term.
Article forwarded from: Jinshi Data
