China’s CSI 300 Rallies Above 5,000 for First Time Since 2008
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China’s CSI 300 Index rallied above the 5,000 level for the first time in seven years amid speculation the government will accelerate measures to bolster the economy and cross-border sales of mutual funds will fuel equity inflows.
China Shipbuilding Industry Co. and Ningbo Port Co. both soared 10 percent to lead gains for industrial companies. Citic Securities Co. and Haitong Securities Co. surged after China and Hong Kong approved cross-border sales of mutual funds from July 1 in a move that will widen access to financial markets and capital in the world’s second-largest economy. Leshi Internet Information & Technology (Beijing) Co. paced declines for companies in the ChiNext index.