The Shanghai Composite Index gained 16 points or 0.5% to 3,464 in early trade on Wednesday after closing 0.5% lower in the prior session, as sentiment improved following reports that China services growth picked up in July from a 14-month low a month earlier. Traders were also upbeat after strong corporate earnings and solid US economic data helped Wall Street shaking off a wobbly start to end higher overnight. In business news, Tencent Holdings Ltd said Tuesday it would further curb minors' access to its flagship video game, hours after its shares were battered by a state media article that described online games as "spiritual opium". On the pandemic side, health authorities in Wuhan reportedly will begin testing its 11 million population, after a handful of COVID-19 cases were detected for the first time in over a year. Among top gainers were energy and consumer staples.
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 August of 2021.
The China Shanghai Composite Stock Market Index is expected to trade at 3313.10 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 3071.86 in 12 months time.