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Shanghai set a third record within a week
by Stewart DouglasFor what has now happened for the third time this week, Shanghai Composite Index closed at a record today.
The share index based in China reported strong trading in its shares as confidence in Chinese markets remains extremely high. This news comes in spite of interest rate and cash reserve ration increases of recent weeks, designed to curb inflation and take the shine of economic performance.
The index ended the day Friday at 4,560.77 up by 3.5% on close Thursday. This sets a new record, as it had done for trade on both Monday and Tuesday of this week.
Investors had received reports that corporate earnings will likely be on the incline. This helped aid recovery from the losses that happened Wednesday after concern grew about the US housing market in lax mortgage lending in the controversial sub-prime sector.
The Shenzhen Composite Index also had some luck on its side where it also had a new record high. They closed Friday at 1,323.40, up by 2.3% on close of trade Thursday, reflecting continued growth throughout the Chinese economy. The news comes despite widespread worldwide share sales and market declines over the last twenty-four hours ending what has been a bad week for investors the world over.
However, markets are expected to further take off on resuming of trade Monday, with investors looking to cash in on lower share prices, and grab a bargain. This kind of widespread sentiment is unlikely to be echoed in Shanghai, where growth as of next week is likely to be moderate, pending any major economic announcements over the weekend.
Property and financial shares saw the biggest gains. Experts warn that investors may be to unwilling to step back from the property sector and that it could just be overheated.
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