SOURCE / MARKETS
China market wrap-up
Published: Feb 10, 2020 08:37 PM

Investors watch stock market data at a security exchange office in Chengdu, Southwest China's Sichuan Province on Tuesday. Photo: VCG



Chinese mainland shares ended in positive territory after opening lower on Monday, an indication of a good start to the week after an impressive rebound for three out of the past five trading sessions.

All three major indices finished higher on Monday. The tech-heavy ChiNext which led the rebound in the previous week continued to outperform, rising 1.31 percent, or 26.38 points, to 2,042.18 points. Nearly 200 stocks rose by their daily limit by close of market.

In a sign that the investment setting has priced in the restart of production and work across the country, agriculture and farming, concrete and construction materials shares posted much stronger gains while home office and influenza treatment shares largely retreated during the day.

In fact, only a portion of businesses resumed operation on Monday, while many others post-poned their reopening considering multifaceted factors, including continued city and road clo-sures and the shortage of masks and protective outfits that weighed on the decision to resume work. Still, signs of a gradual revival in business activities offer hope for investors to continue their bets on mainland stocks. The hopeful signs will surely be relayed to US stocks as well which snapped a four-day winning streak to lose Friday on fears over the virus onslaught. 

Tesla is among a range of domestic and foreign businesses that restarted activity on Monday, with Tesla stocks rallying on the mainland market, with a number of related shares soaring by their daily limit.

With more good news coming in, notably the healing rate for coronavirus patients that had risen to 8.2 percent across China as of Sunday from 1.3 percent on January 27, and a raft of measures having been announced by governments at both central and provincial levels to bail out pum-meled businesses, the fallout from the epidemci on the economy and the capital market will fade. 

US stocks are estimated to continue their upward trajectory on buoyant economic indicators.




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