Stocks in China closed out a gangbuster week on Thursday, with the Shanghai Stock Exchange (SSE) Composite Index hitting a one-year high.
The SSE Composite closed Thursday up 8.4% over the last five days, with a 1% gain today. The rally began with a combined 5.8% gain on Friday and Monday.
Stock markets in China will be closed tomorrow for a national holiday.
Shanghai’s benchmark index closed Thursday at 3,247, its highest in more than 12 months, bolstered by positive signals from manufacturing activity growth and China-U.S. trade negotiations. On Monday, the Caixin China General Manufacturing Purchasing Managers’ Index (PMI) rose to 50.8 in March, reflecting China’s first month of growth in manufacturing activity after three consecutive months of contraction.
The Shanghai Composite was the world’s worst performer in 2018, falling 24.6% last year. However, the stocks have been on fire this year with a 30% gain since the end of last year.