China stocks climb to fresh 7-year high ahead of earnings season

martes 7 de abril de 2015 00:52 GYT
 

* CSI300 +1.7 pct; SSEC +1.8 pct; Hong Kong market closed

* An acceleration in IPOs won't stop the bull run - Xinhua

* Transport, telecom, machinery stocks up on overseas investment

By Samuel Shen and Pete Sweeney

SHANGHAI, April 7 (Reuters) - Chinese stocks hit fresh seven-year highs on Tuesday morning ahead of the quarterly earnings season, after the official Xinhua news agency said an acceleration in initial public offerings would not stop the market's bull run.

Last week, China's securities regulator approved 30 IPOs for April, compared with 24 in each of the previous two months, raising concerns that stepped-up share sales could hurt the market.

But Xinhua said in an article that the current pace of IPOs has negligible impact on the stock market, as regulators hope to channel some of the heavy money inflows into the real economy.

"The market is at a stage when investors are super-excited," said Shen Zhengyang, Shanghai-based analyst at Northeast Securities.

"Money keeps gushing so it's impossible to predict when the uptrend will end."   Continuación...