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October 12, 2009

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Market should hold onto Friday's gain

THE Shanghai market this week should hold onto the big gain made last Friday, with positive economic figures and investors' optimistic outlook on the Chinese economy.
The benchmark Shanghai Composite Index surged 4.76 percent on the first trading day after the market had been closed for eight days for the National Day holiday.
Several research reports from domestic brokerages focused on China's macroeconomic figures are scheduled to be announced this week.
The quarterly report on domestic enterprises is scheduled to be released tomorrow and the National Statistic Bureau will hold a press conference about major economic figures including China's CPI and PPI for September on October 22.
"The hike on the first day after trading resumed was powered by surrounding markets and rising commodity prices, so the index will not be so strong in the coming week," Qian Qimin, an analyst at Shenyin & Wanguo Securities, wrote in a research report. "The index is very likely to stay stable around 3,000 points."
The State Information Center said in August that China's GDP in the third quarter is likely to grow at an annualized 8.5 percent, improving from the 7.1 percent in the first half.
Another 18 companies who have got approval from the China Securities Regulatory Committee will begin subscription this week.
"The market may not be very strong in the second half of the week but will be rather stable with the support of improving earnings of listed companies in the third quarter," Aerospace Securities wrote in a research report.


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