The Shanghai Composite added 22.21 points or 0.64% to 3505.28 on Monday, lifting from 4-week lows following losses of 3.72% in the previous week as investors turned upbeat after reports that over 24 million doses of COVID-19 vaccines have been administered so far in the nation. News that Chinese biopharmaceutical company CanSino has obtained the green light to continue Phase III trials for its coronavirus vaccine was also able to improve market sentiment. Traders continued to follow reports that China's short-term money rates remained elevated, despite the PBoC pumped CNY 98 billion on Monday after draining a total of CNY 216.5 billion from the financial system in January. On the data front, the Caixin manufacturing purchasing managers’ indexes for January dipped to 51.5 from 53 in December. Although it was the ninth consecutive month of growth it was also the lowest level since July last year. Meantime, the Hang Seng Index added 579.36 points or 2.05% to 28863.07.
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 February of 2021.
The China Shanghai Composite Stock Market Index is expected to trade at 3398.46 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 3097.00 in 12 months time.