Chinese stocks rallied on Monday, the first trading day after the Chinese New Year, signaling a positive start to the lunar new year for investors. The benchmark Shanghai Composite Index rose by 1.56%, closing at 2,910.54 points, while the Shenzhen Component Index gained 0.93% to close at 8,902.33 points.
The combined turnover of stocks covered by the two indices reached 957.2 billion yuan (approximately $134.76 billion), with over 4,200 shares ending higher. Notably, 270 stocks surged by the daily limit, reflecting robust market enthusiasm.
Sectors related to education and the new artificial intelligence model “Sora” led the gains, capturing investor interest with prospects of technological advancement and innovation. Conversely, stocks in the securities and pork industries faced declines, indicating a shift in investment focus.
The ChiNext Index, which tracks China’s Nasdaq-style board of growth enterprises, also saw an increase of 1.13%, closing at 1,746.42 points. The overall market performance suggests growing confidence among investors as they anticipate economic growth and policy support in the new year.
The positive momentum in the Chinese markets underscores the optimism surrounding Asia’s largest economy and its potential impact on global economic trends. Investors worldwide are closely watching China’s market movements, considering their significant influence on international trade and investment strategies.
Reference(s):
Chinese shares close higher on first trading day of Chinese New Year
cgtn.com
