Chinese stocks enter bull market after biggest surge since 2008
The CSI 300 Index jumped 8.5% Monday, marking the most since 2008 as traders rushed to buy shares in the last session before a week-long holiday. The index, which lost more than 45% of its value from a 2021 high through mid-September, has since soared more than 20% to enter a technical bull market. Its rally last week was the biggest in 16 years.
The extended gains came after three of China’s largest cities relaxed rules for homebuyers, while the central bank also moved to lower mortgage rates. The latest measures were among the key elements of a sweeping stimulus package released Tuesday that also included interest rate cuts, freeing-up of cash for banks, as well as liquidity support for stocks.
Having faced several false dawns in recent years, investors may be betting that the current momentum may be sustainable. In a sign of continued frenzy, combined turnover on both the Shanghai and Shenzhen bourses reached a record of about 2.6 trillion yuan ($371 billion) on Monday.
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