Shenzhen benchmark breaks 1,000 level

Shenzhen's stock market benchmark exceeded the 1,000-point level for the first time yesterday as investors switched to small and medium-capitalised stocks listed in the exchange from large-cap stocks in Shanghai.

The Shenzhen Composite Index rose 19.775 points or 2 per cent to close at a record high of 1,009.664.

'Investors chased smaller caps whose prices are fuelled by rumours of asset injections,' said Wang Sheng, a strategist at Haitong Securities.