Chinese Markets Surge to Record High

Investors fight off anxiety over US subprime woes
By Heather McPherson,  Newser User
Posted Aug 3, 2007 12:15 PM CDT
Chinese Markets Surge to Record High
Chinese investors gather near computers displaying stock information at an exchange in Liaoyuan, northeastern China's Jiliin province, Thursday Aug. 2, 2007. China's surging shares rebounded Thursday from a one-day fall prompted by a slide in other Asian markets amid worries about a slump on Wall Street...   (Associated Press)

China’s securities markets recovered from Wednesday’s Pan-Asian slump and then some, surging to their third new record this week in today's trading. The Shanghai Composite Index climbed 3.5% and the Shenzhen gained 2.3% after the codependent Nikkei and Hang Seng tumbled Wednesday on concerns about the stability of the subprime-backed US Market.

China's economy expanded by 11.9% last quarter, its fastest pace since 1995, spurring investment in its usually volatile stock market, especially in property development and financial services. The property-heavy Shanghai is up 60% this year already. (More subprime mortgages stories.)

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