BUSINESS Chinese shares surge more than 4 pct Monday

BUSINESS

Chinese shares surge more than 4 pct Monday

People's Daily app

15:14, October 22, 2018

China's benchmark Shanghai Composite Index surged 4.09 percent, closing at 2,654.88 points Monday, as market confidence was boosted by the comments of Vice Premier Liu He on the stock market.

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(Photo: VCG)

The benchmark Shanghai Composite Index rose 4.09 percent to close at 2,654.88 points, while the Shenzhen Component Index closed 4.89 percent higher at 7,748.82 points.

Combined turnover of stocks on the two bourses stood at 422 billion yuan (about $61 billion), up from 287 billion yuan on the previous trading day.

On Friday, Liu answered questions from domestic media about hot economic and financial issues, where he underlined the resilience and prospects of the Chinese economy.

Previous corrections and sell-offs on the stock market created good investment opportunities for the long-term and healthy development of the stock market, Liu said.

Shares were strong across the board, with all listed securities brokers surging by the daily limit of 10 percent.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 5.2 percent to close at 1,314.94 points.

(Compiled by Han Xiaomeng. With input from Xinhua)

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