China’s main domestic stock index, the CSI 300, posted its biggest gain since 2008 amid economic stimulus measures announced by local authorities. Bloomberg reported this.
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During trading on September 30, 2024, the CSI 300 rose 9% to 4,038.7 points at its peak, according to data from Yahoo! Finance. At the close of the day the index rose to 4,017.8 points.
The record rise in Chinese stocks came after the country’s three largest cities eased home-buying rules and the People’s Bank cut mortgage rates, according to Bloomberg.
Additionally, investors bought securities en masse ahead of the week-long holiday. Demand was so high that several brokers experienced delays in processing applications.
From the 2021 peak to September 10, 2024, the Chinese stock market capitalization plummeted by $6.5 trillion, Bloomberg wrote. According to him, local stocks have become undesirable for many investors amid increasing government control over companies.
Author:
Bogdan Muzychenko
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
