Index reaches near record
20 March 2007
China's main share index on Monday rose to within striking distance of a record high, just three weeks after its biggest fall in a decade which was followed by market downturns on a global scale. The Shanghai Composite Index (SCI) rose 2.9% to 3,014.44, within reach of its record high of 3,049.77 reached on February 27th, the Financial Times reported. The rise came after an increase in central interest rates over the weekend meant to cool the country's growing economy. This is only the second time the SCI has closed above 3,000. Analysts say the latest move underscores the persistent optimism in the markets on the expectation of continued strong economic growth.