Chinese stocks swept to their biggest single-day gains in 16 years on Monday, with domestic A-shares registering their highest turnover yet, as investors rushed to join a rally sparked by Beijing's latest stimulus measures.
The CSI300 blue-chip index is now up nearly 30 per cent from its February low, which by some market definitions suggests it is in a bull market, but much of the gains have happened very quickly over a few sessions since last week.
Many traders, fearing they may miss out of the upsurge ahead of a week-long holiday starting on Tuesday, helped lift the CSI300 index 8.5 per cent at the close, taking its five-day gain to over 25 per cent, the strongest on record.
The broader Shanghai Composite Index, meanwhile, recorded a total turnover of 1.17 trillion yuan ($166.84 billion) and surged 8.1 per cent. That took its five-day gains since last Tuesday, when Beijing began rolling out stimulus measures to arrest a slowdown in the broader economy, to 21.4 per cent, the strongest since 1996.
It was also the best single-day percentage gain for both the CSI and SSEC indexes since 2008.
Similarly, the smaller Shenzhen index soared 11 per cent and recorded a turnover of 1.4 trillion yuan.
The rally in Chinese stocks has come on the back of last week's most aggressive stimulus measures announced by Beijing since the pandemic – ranging from rate cuts to fiscal support – in an attempt to shore up its ailing economy.
Particularly in a boost for stocks, the People's Bank of China's also introduced props for the capital market, one of which includes a swap programme allowing funds, insurers and brokers easier access to funding in order to buy stocks.
That lit a fire under beaten-down Chinese equities that had been languishing near multiyear lows as recently as early this month, as investors fretted over China's growth prospects.
“It's really a big turnaround, the policies are so intensive, we have never seen such clear instruction to stop housing prices declining and support the stock market,” said Dickie Wong, executive director of research at Kingston Securities.
“Many foreign investors are afraid of missing out, local retail investors are asking me what they should add to, institutional investors are rushing to the market to catch up, and the large inflows have pushed the Hang Seng index up to 21,000.”
Hong Kong's Hang Seng index, which advanced 2.4 per cent on Monday, is now up roughly 24 per cent for the year, dethroning Taiwan to become Asia's best performing stock market.
Adding to the strong momentum was news on Sunday from China's central bank saying that it would tell banks to lower mortgage rates for existing home loans before October 31, as part of policies to support the country's property market.
Guangzhou city also announced the same day the end of all restrictions on home purchases, while Shanghai and Shenzhen eased curbs on buying.
That catapulted shares of property companies on Monday, with mainland-listed property stocks advancing 8.2 per cent, while the Hang Seng Mainland Properties Index charged 6.4 per cent higher.
Investor optimism the latest measures could help revive China's weak domestic consumption also lifted shares of consumer staples up 8.8 per cent, its biggest daily percentage gain in 16 years.
For the month, the CSI300 index clocked a gain of 21 per cent, its best performance since December 2014. The Shanghai Composite Index similarly ended September with a 17 per cent increase, its most since April 2015.
The Hang Seng index had its best month since November 2022 with a 17 per cent rise, after delivering its biggest weekly rise since 1998 last week, and fifth largest in the last half-century.
Mainland financial markets will be closed October 1-7 for National Day holidays.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Killing of Qassem Suleimani
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Killing of Qassem Suleimani
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
The years Ramadan fell in May
KILLING OF QASSEM SULEIMANI
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20six-cylinder%20turbo%20(BMW%20B58)%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20340hp%20at%206%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20500Nm%20from%201%2C600-4%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20ZF%208-speed%20auto%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%204.2sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20267kph%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh462%2C189%3Cbr%3E%3Cstrong%3EWarranty%3A%3C%2Fstrong%3E%2030-month%2F48%2C000k%3C%2Fp%3E%0A
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Killing of Qassem Suleimani
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
More on Quran memorisation:
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
