The Shanghai Composite lost 1.5 points or 0.04% to 3501.99 on Friday, closing 0.2% lower for the week as surging long term bond yields in the US pressured equity valuations worldwide. US 10-year rates lifted to 13-month highs of 1.569% after Federal Reserve Chair Jerome Powell held to his stance to keep interest rates low for a long time, even amid inflationary pressures. Meantime, China kicked off the “Two Sessions” meeting with a mixed bag of targeted stimulus and policy squeeze. Premier Li Keqiang at set the 2021 growth target at above 6% and vowing it will create over 11 million new urban jobs. Meanwhile, the country's budget deficit for this year is set to be around 3.2% of the GDP, less than the 2020 target of above 3.6%. Li also noted that China would stabilise land and house prices and warned against speculation. In Hong Kong, the Hang Seng Index added 19.98 points or 0.07% to 29256.77.
Historically, the China Shanghai Composite Stock Market Index reached an all time high of 6124.04 in October of 2007. China Shanghai Composite Stock Market Index - data, forecasts, historical chart - was last updated on March of 2021.
The China Shanghai Composite Stock Market Index is expected to trade at 3400.17 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3098.56 in 12 months time.