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.