SHANGHAI (Reuters) – The Chinese index ChiNext technology companies rose by almost 3 percent on Wednesday to a maximum of four months, boosting the market as a whole, which at the beginning of the session was being pressured by cyclical sectors.
The CSI300 index, which includes the largest companies listed in Shanghai and Shenzhen, rose 0.74 percent to 3,781 points. The Shanghai index was up 0.88 percent at 3,647 points.
Investors, encouraged by a series of government policies to promote innovation and entrepreneurship, put money in technology stocks, while giving little attention to the geopolitical tensions after Turkey shoot down a Russian combat game.
“Despite the recent high volatility, the overall market trend is still positive,” said the strategist of Kaiyuan Securities Yang Hai. “The government will probably maintain loose monetary policy to ensure a smooth economic restructuring.”
(By Samuel Shen and Pete Sweeney)
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