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China’s Heavyweight Index Climbs To Two-Month High As Foreign Investors Gobble Up Consumer Stocks

May 25, 2021 by Forex Winner Leave a Comment

China's Heavyweight Index Climbs To Two-Month High As Foreign Investors Gobble Up Consumer Stocks

China’s stock index barometer CSI 300 posted its highest daily gain since July on Monday as overseas players gobbled up shares.

China's stock index barometer CSI 300 posted its highest daily gain since July on Monday as overseas players gobbled up shares.
  • The CSI 300 Index gained 3.2% to mark its strongest showing in over two months since early March.
  • Overseas investors bought a record 21.7 billion yuan or $3.4 billion worth of A shares through Hong Kong links.
  • Investors piled into consumer stocks with steady cash flows such as Kweichow Moutai Co. The liquor firm rose 6% after unveiling plans to double revenue by 2025.
  • Financial stocks also posted gains, as Shanghai plans to cement itself as an asset management hub.
  • The offshore yuan increased 0.2% versus the greenback to hit the 6.4 level, pushing state-owned lenders to slow appreciation.
  • The currency has gained over 2.5% so far in the second quarter to be the top performer in Asia.
  • An analyst attributed the foreign buying of A shares to the appreciation of the yuan, in line with expectations that the government could allow the currency to strengthen slightly to offset the import inflation.

600519: SHA is up 5.95%

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