Chinese and South Korean blue chips have started a new trading week at new highs. The Shanghai Stock Exchange index CSI300 firmed more than one percent, reaching its highest level in five years. The Energy Titles Segment Index also boosted significantly, adding over three percent.
Stock exchanges in the world’s most populous country have been dragged by optimism caused by further reports of progress in developing a coronavirus vaccine. According to US experts, the first doses could reach health professionals as early as mid-December. After that, vaccination of other at-risk groups could begin.
That made analysts start expecting, with slight optimism, an earlier economic recovery that could also come to China. Meanwhile, the world’s second-largest economy already showed relatively strong signs of recovery during the third quarter.
Similar optimism also spread on the stock exchange in Seoul, South Korea. The KOSPI index strengthened by just under two percent, exceeding the 2600 point mark, the highest level in history. Behind the massive strengthening of South Korea’s main exchange index is mainly growth in Samsung shares, which have added more than four per cent. The good mood was also supported by a report on developments in November exports to date, which were up 11.1 per cent year-on-year.