Chinese Stock Market Closes Up Over 1% on Biden Inauguration Day

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] On the first day of Joe Biden's presidency, the Chinese stock market closed with gains of over 1%.

On the 21st, the Shanghai Composite Index closed at 3,621.26, up 1.07% (38.17 points) from the previous trading day. The Shenzhen Composite Index ended trading at 15,520.60, up 1.95% (297.24 points). ChiNext, the startup board of the Shenzhen Stock Exchange, often called the Nasdaq of China, rose 2.46% (78.79 points) to close at 3,283.72.

AP News explained, "This reflects expectations for the new U.S. administration," adding, "As the Biden administration is expected to focus on boosting the U.S. economy, this is a positive signal for the export-oriented Asian region."

However, the Hong Kong Hang Seng Index closed slightly down by 0.12% at 29,927.76. During the session, it briefly reached 30,076.07, surpassing the 30,000-point mark for the first time in 20 months since May 2019, but it fell back below 30,000 by the close.

This content was produced with the assistance of AI translation services.