Chinese Stocks Take Cue From Good News in Morning, Led by Greater Bay Area
Xu Wei
DATE:  May 15 2020
/ SOURCE:  Yicai

(Yicai Global) May 15 -- Chinese mainland stock markets opened up due to bullish investment sentiments both on the home turf and in the US while shares related to the Guangdong-Hong Kong-Macao Greater Bay Area rose the most at 2 percent amid a fresh wave of policy support.

The Shanghai Composite Index climbed 0.36 percent to 2,880.71. The Shenzhen Component Index rose 0.47 percent to 11,013.16. The ChiNext Price Index, which that tracks growth enterprises listed in Shenzhen, went up 0.53 percent to 2,128.88.

Many positive signals boosted market confidence. Actual foreign investment in China rose 11.8 percent to CNY70.36 billion (USD10.1 billion) last month from a year ago, resulting in the first increase of this year, Gao Feng, spokesman for China's commerce ministry, said yesterday.

China will adopt various means to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area, the central bank and other financial authorities said yesterday. Those measures include studying the establishment of a futures exchange in Guangzhou, as well as encouraging innovative enterprises to go to Hong Kong or Macao for financing and listing.

US markets were buoyant yesterday. The Dow Jones Industrial Average closed up 1.62 percent, the Nasdaq Composite Index rose 0.91 percent, and the S&P 500 index gained 1.15 percent.

Editor: Emmi Laine

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Keywords:   Stock