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Chinese Stocks Skyrocket After Two-Weeks Long Holiday

The Shanghai Shenzhen CSI 300 index and the Shanghai Composite index both experienced significant growth, with the CSI 300 rising 1.3% and the Composite index adding 0.6%

Most sectors saw positive gains, with automobile and industrial stocks performing particularly well. Meanwhile, energy stocks saw some retreat.

The resumption of trade after the holiday, along with the government's commitment to support economic growth and boost spending, helped to lift sentiment in the markets. Retail travel and spending during the holiday also recovered strongly, which bodes well for the Chinese economy.

Despite still being in contraction territory, key business activity readings are expected to improve this month as the country relaxes more anti-COVID measures. However, the country's current COVID-19 outbreak is expected to delay a bigger economic recovery. Nevertheless, the recent drop in COVID-19 deaths and the State Council's vow to boost local economic growth and consumption provide hope for China's economy.

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