(Jan 12): Stock turnover in Shanghai and Shenzhen reached an all-time high on Monday of 3.6 trillion yuan (US$516 billion) as animal spirits continue to mount in Chinese equities.
That exceeds the previous high of 3.46 trillion yuan that traded hands on Oct 8, 2024, amid a rally sparked by a major policy pivot from Beijing. Trading has been picking up, with the main gauges steadily advancing for more than three weeks, and the Shanghai Composite Index has gained 8.9% from a low in December.
The advances earlier had largely been aided by inflows into a handful of exchange-traded funds tracking the A500 Index, which analysts say suggest added positioning by insurance or other state-proxy funds. The relatively low volatility and steady gains led to more organic buying.
Local media have been touting 16 “bullish candles,” meaning that the Shanghai gauge closed higher than its open for that many days straight — the longest streak since the early 1990s.
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