By Zhang Shidong
March 31 (Bloomberg) -- China’s benchmark stock index had its best start to a year since 2000, as investors shrugged off declines in most global markets on optimism the nation’s stimulus spending will help boost growth.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 15.17, or 0.6 percent, to 2,373.21 at the close, after flipping between gains and losses at least 11 times today. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 0.9 percent to 2,507.79.
China Life Insurance Co. advanced 4.2 percent after Shanghai Securities News reported the government will allow insurers to invest more in infrastructure projects. PetroChina Co. declined 0.7 percent on signs regulators will allow initial public offerings to resume after a six-month freeze.
“The government’s stimulus plans and sufficient liquidity have been the major contributors to the rally in the first quarter,” said Zheng Tuo, a fund manager at Bank of Communications Schroders Fund Management Co. in Shanghai, which oversees about $6.5 billion. “The market still has room for upside in the coming quarter when the stimulus packages show more effect on the economy.”
To contact the reporter on this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net
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