Shanghai Stocks Surge: Aerospace Leads the Charge

Shanghai's stock index reached a one-month peak, driven by aerospace stocks, marking a seventh consecutive win. Meanwhile, Hong Kong markets were closed for Christmas. Despite gains elsewhere, China's property index declined as new policies aimed at revitalizing the sector were introduced. The central bank pledged currency stability.

Shanghai's stock benchmark extended its gains, achieving a one-month high on Thursday, as aerospace shares led the rally. The market appeared poised for a seventh straight winning session, benefiting from the absence of trading in Hong Kong due to the Christmas holiday closure.

Midday figures showed the Shanghai Composite Index reaching its highest intraday level since November 20, closing the morning session up 0.29%. In contrast, China's blue-chip CSI 300 Index slipped slightly by 0.07%, while aerospace shares saw significant growth with a sub-index jumping 3.63%.

The property sector struggled, erasing earlier advances despite Beijing's efforts to relax purchase restrictions in hopes of stabilizing the market. The CSI 300 Property Index fell by 0.21% by midday. In a move aimed at boosting demand, Beijing's municipal authorities lowered the home-buying qualification threshold. China's central bank committed to keeping the exchange rate stable, and with Hong Kong markets closed, trading will resume on December 29.