Shanghai stocks up 6.56% in 2017
Shanghai stocks extended growth on Friday, capping a rebound over the whole year bolstered by blue-chip and high-performance stocks.
The Shanghai Composite Index gained 0.33 percent to 3,307.17 points today, with most sectors growing.
Over the year the index added 6.56 percent bolstered by blue chip stocks, given the SSE 50 Index, known as China’s ‘nifty 50,” grew 25.08 percent across the year.
By contrast, the Shenzhen-based startup board ChiNext lost 10.67 percent, suggesting the preference of investors to stocks with stable performance, Wanlian Securities said in a note.
"Investors have put more attention on blue-chips to better manage risks," said Su Junqi, an investment officer at Value Partners Group, a Hong Kong-based fund company. “Although people may eventually value the potential in startups in the long term.”
Electronics and real estate counters led the growth today, with Olympic Circuit Technology Co jumping by the daily limit of 10 percent to 19.66 yuan (US$3.02), and Shanghai Industrial Development Co, a real estate developer, rising 6.83 percent to 6.41 yuan.
