CSI 300 hits new high

The CSI 300 stock index set a new record high yesterday, closing at 4,2227.57 after climbing 3.1%, Bloomberg reported. The prices of some 90% of stocks included in the index went up. Analysts attributed the rise to the absence of government announcements of tightening measures, like interest rate hikes, over the weekend. Sichuan Changhong Electric's stock price contributed to the index's gains, rising to the maximum 10% daily limit after announcing that Microsoft would take a stake in the company. The CSI 300, China's benchmark index, follows yuan-denominated A-shares listed on the mainland's two exchanges in Shanghai and Shenzhen. On May 29, the government tripled stamp duties, causing a drop of as much as 22%. On February 27, it dropped 9.2%.