China is on pace to be the world’s best-performing major stock market in 2019, with the benchmark CSI 300 index up by a third this year as investors shrug off the country’s slowing economy and bruising trade war with the US, reported the Financial Times.
Bourses in Shanghai and Shenzhen have added $1.4 trillion in market capitalization so far, taking the total value of onshore equities to about $6.8 trillion this year, buoyed by a revival of domestic investor confidence and continuing international inflows.
The 31% advance by the index of major Shanghai and Shenzhen-listed stocks outpaces the 8.5% rise by the UK’s FTSE 100, the climb of 11.5% by Japan’s Topix and the gain of 22.3% by the US S&P 500.
Even after accounting for weakness in China’s renminbi, the country’s stock benchmark is up more than 28% this year in dollar terms.
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