The Shanghai Composite rose 0.89% to 3,350 while the Shenzhen Component gained 1.37% to 12,686 on Friday, closing at their highest levels in almost four months, as Chinese stocks got a boost from Beijing’s policy support. Chinese President Xi Jinping vowed this week to meet the country’s economic targets for the year and minimize the impact of Covid-19, while signaling support to leading payment and fintech firms in the latest indication of easing regulatory crackdown. China’s State Council also recently pledged to step up support to new energy car purchases and promote the used car market. New energy firms and automakers led the advance, with gains from Contemporary Amperex (4.9%), Longi Green Energy (4.1%) and ChongQing Changan (2.9%). High-growth technology and healthcare stocks also participated in the rally. The Shanghai and Shenzhen indexes gained for the fourth consecutive week, closing 1% and 2.9% higher, respectively.
Historically, the China Shanghai Composite Stock Market Index reached an all time high of 6124.04 in October of 2007. China Shanghai Composite Stock Market Index - data, forecasts, historical chart - was last updated on June of 2022.
The China Shanghai Composite Stock Market Index is expected to trade at 3253.61 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2981.27 in 12 months time.