The leading stock index of the Shanghai Stock Exchange, one of China's two bourses, will not drop below 1,000 points again in two to three years, Sun Chenggang, a stock market expert was quoted by the Daily Economic News as saying on Thursday.

On June 6, the Shanghai stock index once dropped to 998.23 points during the morning session, the lowest in nearly eight years. Two days later, however, the composite indexes of both Shanghai and Shenzhen stock exchanges jumped by more than 8 percent. The Shanghai bourse closed at 1,115.58 points on June 8.

Sun, who last month predicted a big bullish market was coming, said Wednesday's surge means the end of a long-term bearish period and start of a new bullish period.

This round of bearish market, which started from June 2001, has lasted for four years, with composite indexes slumping by 55 percent, he said. According to global securities experience, this bearish period should end and be followed by a booming market, he said.

The sudden blowout with no substantial rebound previously shows the turning point for the stock market, he said.

"The long-term bullish market has started, and the first booming will last for several weeks," he told the newspaper.

Source: Xinhua