China stocks push above key resistance level despite weak trade data
SHANGHAI Dec 8 (Reuters) - China stocks rose sharply on Monday and the Shanghai Composite Index for the first time since 2011 broke through 3,000, a key psychological resistance level, as domestic investors shrugged off negative surprises in trade data.
Mainland markets have rallied massively in recent weeks, with trading volumes setting repeated records as investors believe the government must take more aggressive stimulus moves.
Retail investors have migrated out of property and other asset classes into stocks for the first time in years.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 4.1 percent, to 3,252.88, while the Shanghai Composite Index gained 2.9 percent, to 3,020.26 points, both at their highest levels since 2011.
Among the most active stocks in Shanghai were Bank of China , down 0.5 percent to 3.67 yuan; Agricultural Bank of China, up 1.5 percent to 3.36 yuan and Minsheng Bank , up 1.8 percent to 9.25 yuan.
In Shenzhen, BOE Technology, up 6.7 percent to 3.34 yuan; TCL Corp, up 5.7 percent to 3.70 yuan and Zoomlion Heavy Industry, up 10.1 percent to 6.11 yuan were among the most actively traded.
Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot programme took up 1.68 billion yuan of the 13 billion yuan daily quota.
Total volume of A shares traded in Shanghai was 58.6 billion shares, while Shenzhen volume was 27.3 billion shares. Index volumes remained heavy but did not overtake Friday's record-breaking transaction levels. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)
© Thomson Reuters 2016 All rights reserved.