China's stock markets surge with record turnover
The combined turnover of China's Shanghai and Shenzhen bourses reached 3.45 trillion yuan (US$487.92 billion) on Tuesday, surpassing the 2.59 trillion yuan turnover recorded on September 30 and hitting a new high.
The benchmark Shanghai Composite Index went up 4.59 percent to close at 3,489.78 points, while the Shenzhen Component Index closed 9.17 percent higher at 11,495.1 points.
China's blue-chip CSI 300 jumped more than 10 percent intraday after returning from the weeklong holiday, but surrendered some gains in the second half of the session, closing 6 percent up.
Industry sectors such as semiconductors, consumer electronics, and medicine rose.
Zheng Shanjie, chairman of the National Development and Reform Commission, said China was "fully confident" of achieving its full-year growth target.
Equities have been on a tear since officials began announcing a raft of measures – which included interest rate cuts and support for the beleaguered property and stock markets – on September 24 aimed at boosting the world's No. 2 economy, with an emphasis on the troubled property sector.
The blue-chip CSI 300 index jumped 8.48 percent on September 30 as investors rushed to buy in before the weeklong holiday. It was the biggest daily gain since April 2008. This followed a rise of 15.7 percent in the index the previous week, which was its best weekly performance since 2008.
Under the surging A-share market, investors are busy opening new accounts, and brokerage firms are busy attracting customers.
A Donghai Securities spokesman said the number of customer consultations rose significantly during the holiday.
Among excited investors eager to open new accounts, experienced investors only expect to minimize the loss.
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