Oil stimulus hopes nudge Shanghai Index to end week higher| MENAFN.COM

Saturday, 10 December 2022 01:28 GMT

Oil stimulus hopes nudge Shanghai Index to end week higher

(MENAFN- Asia Times) Stock investors in Shanghai

After a roller coaster session in both positive and negative territory the Shanghai Stock Exchange Composite Index gained 1.3% to 2917 to end the week marginally high for the first time in 2016. The benchmark is down about 17% for the year. The Shenzhen Stock Exchange Composite Index rose 1.5% to 1827. The CSI 300 Index which track the 300 largest stocks on the mainland added 1% to 3113 but did not end the week higher. Continuing the trend of volume about a third of last year’s levels volume was light for the day.

Meanwhile Japan’s Nikkei jumped nearly 6% as Brent crude oil jumped 6%.

Good news came out of the property market Friday where data shows a pick-up in lending and the urban unemployment rate stayed unchanged at 4.05% below the government’s target.

On Thursday Vice President Li Yuanchao sought to reassure investors that Beijing would use regulations to prevent volatility in a market that was “not yet mature”.

“An excessively fluctuating market is a market of speculation where only the few will gain the most benefit when most people suffer” Li who is attending the World Economic Forum in Davos said in an interview with Bloomberg.

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