2014.12.0307:37:32UTC+00Chinese stocks surge on commodity and consumer advance

Chinese stocks surged with turnovers surpassing 500 billion yuan as the benchmark index reached a three-year high. Commodity and consumer shares led the rally.

The Shanghai Composite Index rose by 0.6% to 2,779.53 at the end of trade. The gauge had an intraday high that added to the index as much as 2.2%. The intraday low lost the index as much as 1.1%. A total of 14% has been amassed by the benchmark index for the month of November plus the current days of December. The Shanghai Composite Index witnessed a total 529.4 billion yuan worth of shares change hands.

China’s central bank had been injecting stimulus measures to support the economic growth of Asia’s biggest economy that is expected to grow the slowest for this year since 1990. For the past five years, the Shanghai Composite has become the biggest loser in terms of value.

Head of Asia and emerging-market strategy at Morgan Stanley, Jonathan Garner, commented to Bloomberg that the new account openings are signifiers of the fundamental investor participation. Garner adds that the movement of high volumes should always be taken seriously.