BackChinese stocks surge to new record
Chinese stocks surge to new record
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Hong Kong: Even as Indian shares tumbled nearly 5%, and Japanese shares fell on signs of eroding business confidence, Chinese shares hit a new record on 2 April 2007. Most other Asian stocks also rose.
China’s key share index set a record close, as securities funds awash with cash and optimistic about corporate earnings bought blue chips. The benchmark Shanghai Composite Index jumped 2.2% to close at a record 3,252.59 points. The Shenzhen Composite Index rose 2.3% to 844.66, also a record close.
Japanese stocks were hurt by the release of the closely-watched “tankan" survey, which showed eroding confidence among business executives.
The benchmark Nikkei 225 index shed 259.24 points, or 1.5% , to finish at 17,028.41 points on the Tokyo Stock Exchange.
The Bank of Japan’s quarterly “tankan" survey showed that the confidence index for large manufacturers slipped to 23 in March from 25 in December, the first drop in a year.
Losers included autos and machinery stocks, with Mitsubishi Heavy Industries Ltd posting a 3.81% decline and Toyota Motor Corp. falling 1.59%.
In Hong Kong, shares ended flat as gains by HSBC and local developers were offset by losses in China Mobile. The blue-chip Hang Seng Index rose 8.77 points, or 0.04% to 19,809.70.
Stock Exchanges in Singapore, Taipei, Bangkok, Jakarta and Manila also closed higher.
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