Record trading volume at the Shanghai Stock Exchange pushed the Composite Index (SHCOMP) up by 4.31% on Thursday, the highest one-day advance in two years, completing a 15% rise in just ten days.
The Shanghai Stock Exchange Composite (SHCOMP) increased by 4.31% today reaching a record of 2,899.46, a high not seen in the last three years.
Today's figure was extraordinary in the sense that such a one-day rise was last seen in December 2012, but was also part of a larger move by the index that completed a 37% increase since the beginning of the year, including a 15% gain in the past ten days alone.
The reason for the rise in the index are the recent incredible trading volumes on the exchange. In the last couple of days, the trading volume at the Shanghai exchange topped at ¥530 billion (about $81 billion), more than double the average for Shanghai and more than triple of the New York stock exchange for the same time.
Naturally, such a frenzy of activity Leads to many commentators in China warning that this can't be anything else but a stock bubble, especially as China's real economy is slowing down. Retail investors, responsible for about 80% of China’s volume, are said to be opening trading accounts at record levels and borrowing funds from the banks to speculate on stocks. As a general rule, when the man on the street is leveraging to buy into the market, the bubble is ready to burst.
We shall soon see if the record holds or not. The last time the SHCOMP index jumped 15% in 10 days days was in October 2010 when the government pledged to boost household incomes, and economic indicators showed stronger growth. The following month, the index corrected by 3.8% and was still down 11% after a three month period.
The Shanghai Stock Exchange Composite (SHCOMP) increased by 4.31% today reaching a record of 2,899.46, a high not seen in the last three years.
Today's figure was extraordinary in the sense that such a one-day rise was last seen in December 2012, but was also part of a larger move by the index that completed a 37% increase since the beginning of the year, including a 15% gain in the past ten days alone.
The reason for the rise in the index are the recent incredible trading volumes on the exchange. In the last couple of days, the trading volume at the Shanghai exchange topped at ¥530 billion (about $81 billion), more than double the average for Shanghai and more than triple of the New York stock exchange for the same time.
Naturally, such a frenzy of activity Leads to many commentators in China warning that this can't be anything else but a stock bubble, especially as China's real economy is slowing down. Retail investors, responsible for about 80% of China’s volume, are said to be opening trading accounts at record levels and borrowing funds from the banks to speculate on stocks. As a general rule, when the man on the street is leveraging to buy into the market, the bubble is ready to burst.
We shall soon see if the record holds or not. The last time the SHCOMP index jumped 15% in 10 days days was in October 2010 when the government pledged to boost household incomes, and economic indicators showed stronger growth. The following month, the index corrected by 3.8% and was still down 11% after a three month period.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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