The CSI 300 Index, a cap-weighted listing, tracks the daily price performance of the 300 most representative A-share stocks listed on the Shanghai + Shenzhen Stock Exchanges rose 5.13% on Monday trading.
Chinese markets are souring? The short answer (in my opinion):
- Financial on the mainland report better than expected earnings and developments
- Speculative investing in Olympic related Stocks.
- Oversold market
- Lower crude oil prices
For a full story, following the rise in China last night, check out the following story from Bloomberg LP.
China Stocks Advance Most in Three Weeks; Merchants Bank Rises -- Click here for full story
By Zhang Shidong and Chua Kong Ho
July 7 (Bloomberg) -- China's stocks rose the most in almost three weeks, led by banking shares, after China Merchants Bank Co. and China Citic Bank Corp. said first-half earnings probably more than doubled.
Merchants Bank, the country's most profitable bank, had its biggest jump in more than two months. Citic Bank, the banking unit of the nation's largest investment company, gained for a fourth day. Beijing North Star Co., the city government's property arm, jumped on speculation next month's Olympic Games will lure more tourists to the capital city.
``Fundamentals are very strong in China compared to any other Asian nation,'' said Liu Yang, managing director at Atlantis Investment Management Ltd. in Hong Kong, which oversees about $4 billion in assets, in a Bloomberg Television interview. ``Chinese stocks are trading at crisis valuations. Do they deserve to trade at crisis valuations? The answer is no. The market deserves a very good rebound from here.''
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