Shanghai Market Surges Again
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SHANGHAI — Shanghai’s Class A share market for domestic investors recorded another dazzling gain Wednesday, shrugging off Tuesday’s losses to soar on expectations of an infusion of bank liquidity, brokers said.
The index jumped 19.76%, adding 125.28 points to close at 759.17, and brokers said the surge will continue with new investors flooding into the market.
Turnover was $1.12 billion.
Brokers said the surge was partly triggered by excitement over a newspaper report offering details of a proposal, unveiled as part of a rescue package for the stock markets earlier this month, to pump credit into Chinese brokerages.
“Confidence was very strong,” said Yan Yunlong, a broker with Shanghai International Securities, who predicted the index is headed for the 800-point mark.
Zhang Lai, an International Securities analyst, said a powerful technical correction that dragged the index down by 13.11% on Tuesday was checked in the morning as investors moved in from the sidelines.
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