The Shanghai Composite Index lost 23 points or 0.7% to 3,452 in early trade on Friday, closing little changed on-month as risk sentiment was dampened after the country’s factory activity growth slowed in April, while worries over policy tightening and Sino-US tensions persisted. US President Joe Biden took aim at China in his first speech to Congress earlier this week, pledging to maintain a strong military presence in the Indo-Pacific and promising to boost technological development and trade. Locally, the official NBS Manufacturing PMI for China fell to 51.1 in April, below consensus of 51.7, as supply bottlenecks and rising costs weighed on production and overseas demand lost momentum. Meanwhile, service activity also grew softer, rising for the 14th month. In Hong Kong, the Hang Seng Index fell 522.62 points or 1.78% to 28780.64 after Chinese financial watchdogs summoned 13 internet platforms engaged in finance business to order them to strengthen compliance with regulations.
Historically, the China Shanghai Composite Stock Market Index reached an all time high of 6124.04 in October of 2007. China Shanghai Composite Stock Market Index - data, forecasts, historical chart - was last updated on April of 2021.
The China Shanghai Composite Stock Market Index is expected to trade at 3341.69 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3045.26 in 12 months time.