Blue chips sparkle as index ends skid
Print Edition
SHANGHAI stocks yesterday advanced for the first time in four days as blue-chip shares gained on low valuations.
The key Shanghai Composite Index added 0.34 percent to close at 2,072.83 points.
The market gain came despite an announcement by the securities regulator that 18 more companies have been given the green light to go public on domestic exchanges, bringing the total number of firms that are ready for initial public offerings to 46.
“The previous market decline had priced in the negative impact of the anticipated resumption of new-share sales,” said Yu Cheng, analyst at Northeast Securities.
“Economic stimulus measures gradually rolled out by the government will be the catalyst for a rebound in blue-chip companies with low valuations and healthy fundamentals.”
Lenders paced the gains. China CITIC Bank advanced 4.3 percent to 4.90 yuan (79 US cents). The Industrial Bank rose 3.3 percent to 10.23 yuan.
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