Millions of Chinese investors rushed into stock market rally

    139

    SHANGHAI- China reported the largest number of new stock investors in five years in July, as millions of individuals rushed into a buoyant share market, boosting trading turnover and brokerage earnings.

    The number of new investors in mainland Chinese shares totaled 2.4 million in July, the most since June 2015, the peak of China’s massive stock bubble that later burst, according to official Securities Times.

    It represents a 60 percent jump from a month earlier and a year-on-year increase of 124 percent, according to the China Securities Depository and Clearing Corp (CSDC).

    Investors sought high returns in a stock market that jumped over 10 percent in July, helping boost turnover. Stamp duty income from securities trading rose 35.3 percent year-on-year during the first seven months, compared with a 8.7 percent fall in fiscal revenues as coronavirus hit the economy, official data shows.

    Hectic trading benefits brokerages. Over 25 listed brokerages reported a profit jump of over 50 percent in July, Securities Times reported. – Reuters