Cautious investors to keep key index flat
By Ding Yining |
March 8, 2010, Monday
|
Print Edition
Print Edition
THE Shanghai stock market is likely to stay flat this week as investors remain cautious about whether additional macroeconomic policies may be pursued, market watchers noted.
The benchmark Shanghai Composite Index lost 0.68 percent last week and closed at 3,031.07 points last Friday.
"Economic restructuring will be the main issue this year" which could see more painful adjustments, Huatai Securities' Zhang Li wrote.
"Although the index may not surge like it did in 2009, it won't fall very far as some of the blue chips are still undervalued," he added.
China set an economic growth target of 8 percent this year and Premier Wen Jiabao told the National People's Congress in Beijing last Friday that this year will be crucial and also complicated for economic recovery. He also reiterated the government's aim to cut new loans by 22 percent from last year's level to 7.5 trillion yuan (US$1.1 trillion) this year.
Pacific Securities forecast the index "not likely to fall below 3,000 points" and advised investors to consider the new energy and power sector in anticipation that they "are likely to benefit from new stimulus measures."
The benchmark Shanghai Composite Index lost 0.68 percent last week and closed at 3,031.07 points last Friday.
"Economic restructuring will be the main issue this year" which could see more painful adjustments, Huatai Securities' Zhang Li wrote.
"Although the index may not surge like it did in 2009, it won't fall very far as some of the blue chips are still undervalued," he added.
China set an economic growth target of 8 percent this year and Premier Wen Jiabao told the National People's Congress in Beijing last Friday that this year will be crucial and also complicated for economic recovery. He also reiterated the government's aim to cut new loans by 22 percent from last year's level to 7.5 trillion yuan (US$1.1 trillion) this year.
Pacific Securities forecast the index "not likely to fall below 3,000 points" and advised investors to consider the new energy and power sector in anticipation that they "are likely to benefit from new stimulus measures."
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