Financial Software, Securities Firms Lead Chinese Stock Markets to Close Higher
Liao Shumin
DATE:  Jun 01 2020
/ SOURCE:  Yicai

(Yicai Global) June 1 -- Chinese mainland stock markets ended on an upswing as indexes climbed throughout the day. Financial software companies and securities firms spearheaded the charge, cheered by expectations of impending T+0 settlement.

The Shanghai Composite Index closed up 2.21 percent at 2,915.43, while the Shenzhen Component Index rang off 3.31 percent higher at 11,102.15. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, soared 3.43 percent to 2,158.22.

The Shanghai Stock Exchange is studying introduction of T+0 trading settlement in the Chinese mainland stock market, it said in a newsletter Friday after China’s recently-concluded Two Sessions legislative meeting mooted the matter. Financial software companies reached an average 5.22 percent rise on the news, followed by securities firms which were up 4.96 percent.

T+0 settlements, which give traders the option to sell or buy all or part of the shares which they have already bought or sold during the same trading session, stir transaction activity and speculation.

Editor: Ben Armour

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Keywords:   Chinese Stock Market