Shanghai Composite Breaches 3400 Point Mark Amid Positive Market Sentiment
Chinese stock markets moved higher on Monday, June 9, with the Shanghai Composite Index achieving a fifth consecutive day of gains. The benchmark index closed at 3,399.77 points, up 0.43%, while the Shenzhen Component Index rose 0.65% to 10,250.14 points and the ChiNext Composite Index gained 1.07% to reach 2,061.29 points. The China A50 futures index was down slightly by 0.05% at 13,337 points as of the market close.
The market displayed broad-based strength with over 4,100 individual stocks rising while fewer than 1,000 declined. Trading volume across the Shanghai and Shenzhen exchanges totaled 1.29 trillion yuan ($183 billion), representing a significant increase of 134.4 billion yuan from the previous trading day.
Market Outlook and Analyst Perspectives
Guo Yiming, an analyst with Jufeng Investment Consulting, noted that while the market has shown continued recovery and briefly breached the psychologically important 3,400 point level, the recent positive factors haven’t formed a strong enough convergence to drive a decisive upward breakthrough.
“Market sentiment has improved, but the strength of this sentiment-driven rebound is gradually weakening,” Guo observed. “In the short term, we expect continued tug-of-war around the 3,400 point level as the market needs to digest historical resistance, await stronger policy signals, and complete the current phase of portfolio rebalancing.”
The analyst’s comments highlight the market’s current transitional phase, where positive momentum exists but faces structural challenges that could limit further upside without additional catalysts. The coming days will likely reveal whether the market can consolidate above the 3,400 point level or if profit-taking pressures will emerge.
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