Chinese stocks briefly climbed to an all-time high on optimism for the country’s economic recovery from Covid-19 as traders returned from the lunar new year holiday, reported the Financial Times.
The CSI 300 index of large Shanghai- and Shenzhen-listed stocks jumped as much as 2% to an intraday record of almost 5,931 points in early trading on Thursday as onshore markets reopened following a five-day break.
The CSI 300’s previous peak was 5,885 points in October 2007 in the early days of the global financial crisis, reported the FT.
“The recognition of China’s rebound, role in the global economy and its continued economic strength. . .all of these are feeding into increased interest and inflows to [Chinese stocks],” said Alex Wolf, Asia head of investment strategy at JPMorgan Private Bank.