Home/FX/Newsfeed

China’s Stock Market Hits 7 Year High

Share Print 0

Mainland Chinese shares closed at a seven-year high despite a survey indicating manufacturing activity in the country continued to decline in May.

The HSBC survey pointed to a continued slowdown in China, but investors are hoping this will lead the government to introduce more stimulus measures.

The Shanghai Composite rose 1.9% to 4,529.42.

Hong Kong’s benchmark Hang Seng index closed down 0.2% at 27,523.72.

Shares of Goldin Financial and Goldin Properties fell more than 60% at one point, wiping about $23bn off the value of the companies. They ended the session down about 40%.

Both Goldin companies said in separate stock exchange filings they were not aware of the reason for the sharp fall in shares.

The steep slide follows that of Hanergy Thin Film Power, which fell nearly 50% on Wednesday before its trading was halted.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top