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Money and Markets: Shanghai Composite Index Skyrockets

Jupiter, Fla. (PRWEB) May 1, 2008 -- Tony Sagami takes a closer look at the Shanghai Composite Index and the recent growth activity. Mr. Sagami discusses the reasons behind the recent growth on the Shanghai Composite Index and how China is still booming.

On April 24, the Shanghai Composite Index surged by 9.3%, the largest single-day advance in seven years. And that came after a gain of 4.2% the day before. To put that into perspective, the Dow Jones Industrial Average would have to skyrocket by roughly 1,800 points to equal that.

The first reason for the recent gain is cheaper trading costs. The stock transaction tax, known as the stamp tax, was reduced from 0.3% to 0.1%. This move actually reverses a year earlier move when the Beijing bureaucrats raised the tax to relieve an inflamed market.

The second reason is restrictions for big block sellers. A new 30-day lockup was announced for large institutional investors. Any transaction over 100,000 shares has to be conducted off the market in a private institutional transaction. What this effectively does is reduce the amount of new shares hitting the market.

This combination of a reduction in transaction costs and a decrease in sell volume proved to be a powerful duo; and that's why the Shanghai market surged. The stocks purchased weren't concentrated just on the big names either; shares of over 200 different companies hit the daily 10% up-limit on April 24.

"With the Olympic Games quickly approaching, Chinese leaders are determined to keep the Shanghai Composite Index on track. This shows how determined the Chinese leaders are to keep their markets healthy and moving higher while the global focus is on Beijing. The Chinese leaders are very willing and very able with their $1.6 trillion of cash reserves to manipulate their stock market," Sagami states.

To read this issue online, please visit:

http://www.moneyandmarkets.com/Issues.aspx?The-Chinese-stock-market-comes-roaring-back-1710

About TONY SAGAMI & MONEY AND MARKETS     

Tony Sagami, a veteran investment advisor and a leading expert on Asian markets, is the owner and founder of Harvest Advisors, an investment research and money management company. Mr. Sagami has been managing money for more than 20 years and is one of the early pioneers in the application of technical and quantitative analysis to mutual funds and stocks. He is a featured contributor to Weiss Research's daily e-letter, Money and Markets and monthly Safe Money Report as well as the editor of Asia Stock Alert.

Prior to establishing his own firm, Mr. Sagami was managing director at W.E. Donoghue & Co, serving additionally as the director of investment. During his successful career, he also held the position of account executive at Merrill Lynch.

Mr. Sagami's views on Asian markets, specifically Chinese investments, have been featured in publications such as The Wall Street Journal, Barron's, Kiplinger's, Smart Money, Business Week, New York Times, Washington Post, Investors Business Daily, Bloomberg, Financial Planning Times, Mutual FundsMagazine, Chicago Tribune, and the LA Times, as well as on CNBC and CNBC Asia.

Mr. Sagami holds a degree in economics from the University of Washington.

Money and Markets (www.moneyandmarkets.com) is a free daily investment newsletter from Dr. Martin Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Weiss Research, Inc. is located in Jupiter, Florida. For more information about our editors, or to set up an interview, please contact Jennifer Moran at 561-627-3300 or visit www.moneyandmarkets.com.

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