Shanghai index sets record

Fueled by a large inflow of investment funds, the Shanghai stock market jumped for the seventh consecutive day, sending the key indicator up 1.33% to a record high of 3,444.29. It was the first time the index has crossed the 3,400-point barrier, state media reported. The Shanghai Composite Index, the most widely watched indicator of the mainland stock market, rose 45 points, with 407 stocks out of the 912 closing higher. Turnover on the Shanghai Stock Exchange amounted to US$19.7 billion, also hitting an all-time high, from US$18.1 billion the day before.