Monday February 23, 6:22 pm ET
Trang Ho
China's Year of the Ox may have gotten what it needs to become the Year of the Bull. The benchmark Shanghai Composite index jumped 2% Monday on news that real estate developers will get government aid.Another boost came from gold-mining companies, which rallied on rising prices for the yellow metal.
The country also reiterated that it will increase spending on infrastructure projects and improving its social security system to help stimulate domestic consumption and ensure an 8% GDP growth target. Year to date, the Shanghai index has risen an eye-popping 26.6% -- the most of any global index.
The Morgan Stanley China A Share Fund (NYSE:CAF - News), a closed-end fund that buys stocks on the Shanghai and Shenzhen exchanges directly, gapped up 3.7% to 25.87 in four times average volume. It's advanced 27% year to date. It has a 69 Relative Strength and B Accumulation/Distribution Rating. The fund recovered its 10-week moving average at the beginning of the month and trades 11% above that line. But it faces overhead resistance at the 200-day average that hangs above. It trades at a 0.69% premium to its NAV. more...
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