China blue-chips hit 2-year high

Published: November 07, 2017 12:17:19 | Updated: November 08, 2017 12:37:22


File Photo (Reuters)

Shares in China on Tuesday rose slightly, despite growing concern that China’s economic growth will slow, some brokerages started to paint a rosy picture for its A-share market in 2018.

The blue-chip CSI300 index rose 0.6 per cent, to 4,046.33 points at the end of the morning session, hitting the highest level since August 2015.

The Shanghai Composite Index also gained 0.6 per cent, to 3,407.83 points, according to Reuters.

In its annual strategy report, investment bank China International Capital Corp (CICC) forecast a “double-digit” gain in China’s A-share index by the end of next year.

Most main sectors rose on Tuesday, with banking and resources among the biggest gainers.

An index tracking energy shares jumped 1.8 per cent on higher oil prices triggered by political uncertainty stemming from the corruption crackdown in key producer Saudi Arabia.

Shares in elevator maker SJEC Corp, the back-door listing vehicle of anti-virus software Qihoo 360, surged the maximum allowed 10 per cent to a six-month high, as trading resumed on Tuesday following a five-month halt.

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