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25 May 2015
China stocks rise to a seven year high
FXStreet (Mumbai) - Chinese stocks rallied for a fifth straight day Monday, leading Asian markets mostly higher, while the Japanese benchmark index Nikkei rose for the seventh day to hit a fresh 15-year high on Monday as the export oriented stocks rallied on account of a rise in the USD/JPY pair to two-month high.
Shanghai shares continued to push to their strongest levels in seven years, with the benchmark SSE Composite rising 2.2% to 4762.48. A wave of government-funded infrastructure projects to stabilize growth pushed up stock prices.
China’s Ministry of Finance said Monday it would cut import duties on cosmetics, shoes and clothes by 50% on average, as part of a plan to boost domestic consumption and sustain economic growth.
Elsewhere, Australia’s S&P/ASX200 was up 1.2% at 5730.90, and New Zealand’s NZX50 was higher by 0.4% to 5800.840. Singapore’s ST rose 0.2% at 3456.51. South Korean and Hong Kong markets are closed for public holidays.
Shanghai shares continued to push to their strongest levels in seven years, with the benchmark SSE Composite rising 2.2% to 4762.48. A wave of government-funded infrastructure projects to stabilize growth pushed up stock prices.
China’s Ministry of Finance said Monday it would cut import duties on cosmetics, shoes and clothes by 50% on average, as part of a plan to boost domestic consumption and sustain economic growth.
Elsewhere, Australia’s S&P/ASX200 was up 1.2% at 5730.90, and New Zealand’s NZX50 was higher by 0.4% to 5800.840. Singapore’s ST rose 0.2% at 3456.51. South Korean and Hong Kong markets are closed for public holidays.