Blue chips may help key index rise
By Feng Jianmin |
April 4, 2011, Monday
|
Print Edition
Print Edition
BLUE chips may help lift the Shanghai stock market when trading resumes on Wednesday but the gains may be eroded over concerns of a possible rise in interest rates, analysts said.
The Shanghai Composite Index dipped 0.35 percent last week while an index tracking small- and medium-sized companies dropped 4 percent. The index jumped 1.35 percent last Friday, the largest hike in three weeks, after a report showed strong industrial expansion in China.
The official Purchasing Managers Index, a comprehensive gauge of industrial activities across the country, rose by 1.2 percentage points to 53.4 percent in March - its first in four months.
Analyst Zhou Yu at Pacific Securities said market sentiment was "stable" last week.
"The blue chips may continue to grow and lift the market as investors favor their low valuations," Zhou said.
About half of the listed companies released their annual reports for 2010, reporting an average 36 percent annual growth in profits.
The market will be closed today and Tuesday for the Qingming Festival.
The Shanghai Composite Index dipped 0.35 percent last week while an index tracking small- and medium-sized companies dropped 4 percent. The index jumped 1.35 percent last Friday, the largest hike in three weeks, after a report showed strong industrial expansion in China.
The official Purchasing Managers Index, a comprehensive gauge of industrial activities across the country, rose by 1.2 percentage points to 53.4 percent in March - its first in four months.
Analyst Zhou Yu at Pacific Securities said market sentiment was "stable" last week.
"The blue chips may continue to grow and lift the market as investors favor their low valuations," Zhou said.
About half of the listed companies released their annual reports for 2010, reporting an average 36 percent annual growth in profits.
The market will be closed today and Tuesday for the Qingming Festival.
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