CSI 300 tops 3,000 for first time in a month

The benchmark CSI 300 stock index rose 3.9% on Wednesday to 3,015.13, taking it above the 3,000-point level for the first time since June 12, Bloomberg reported. The index has dropped by 44% this year, losing up to US$2.2 trillion in market value in the process. Poly Real Estate, China’s second-largest developer by market value, was one of the biggest winners, its stock rising by the maximum permitted 10% following an announcement that first-half net profit may have grown by 220-270% year-on-year. Poly’s rival real estate firms China Vanke and Gemdale also performed well. Analysts said that better-than-expected first half corporate earnings as well as improving investor sentiment were behind the market’s gain. The Shanghai Composite Index was up 3.8% at 2,920.55 points while the Shenzhen Composite Index rose by 3.2% to close at 885.01.