China’s stock market opened higher on Monday, with the turnover on the Shanghai and Shenzhen stock exchanges exceeding 1 trillion yuan ($142.6 billion) for the fourth consecutive trading day.
The Shanghai Composite Index opened 3.47 percent higher on Monday and reached 3200 during the morning session. The Shenzhen Component Index opened 4.58 percent higher at 9,950.65 points and the ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, rose 5.77 percent at the opening on Monday.
China’s A-share market has rallied since Thursday, after a key Communist Party of China (CPC) leadership meeting on that day stressed the need to boost the country’s capital market, and actively promote the medium- and long-term funds to enter the market, the Xinhua News Agency reported.
After the meeting, the Shanghai Composite Index closed above 3,000 points on Thursday, the first time above the key benchmark since July 2.
The enthusiasm for the stock markets flooded the trading systems of stock exchanges and many securities companies.
On Sunday, the Shanghai Stock Exchange (SSE) completed all trading tests, with the bidding system receiving 270 million orders, which is double the historical peak and three times the number of orders submitted on Friday. Earlier, the SSE announced plans to conduct trading tests on Sunday, aimed at validating the performance of its trading platforms in handling large volumes of orders, according to media reports.
The China Securities Depository and Clearing Corporation (CSDC) decided to temporarily operate on Sunday to manage the high volume of account reviews, as the number of new securities accounts surged. According to the Securities Times, CSDC usually does not conduct business on weekends.
Some traders posted online on Monday that some trading apps of securities companies experienced a temporary crash, making them unable to finish stock trading, due to a large number of trading requests, the Securities Times reported on Monday.