Thursday, April 24, 2008

China blasts higher! As advertised!

The Shanghai index closed at 3583 up 304 points.

SHANGHAI, China (AP) -- China's most-watched stock index surged 9.3 percent Thursday -- its biggest percentage gain ever -- after the government cut a tax on stock transactions in a move widely seen as an effort to boost slumping markets.

You had the bottom here:
After being down 50% from it's highs, the Shanghai Composite, finally made a decent candle on the chart. It traded down a few percent to under 3000, then reversed and closed up .99% on a 5% move to 3147.79.The bottom in China is now in.

PetroChina and Sinopec are big winners. As advertised!

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