Commodities may help index rebound
By Lydia Chen |
March 14, 2011, Monday
|
Print Edition
Print Edition
JAPAN'S devastating earthquake last week may spur demand for certain commodities this week, which might help Shanghai's key stock rebound in the latter part, according to analysts.
The Shanghai Composite Index may seesaw around 2,940 points for technical support before rising to 3,000 points and turnover is expected to increase, Dong Hai Securities and Shenyin Wanguo Securities said in their weekly notes.
The gauge ended 0.79 percent lower on Friday and lost 0.29 percent for last week.
Though the magnitude 9.0 tremor in Japan may still cast a dark cloud on the local market this week, analysts suggest that investors pick certain stocks which are either chosen as a safe heaven or related to re-construction.
Gold producers may see prices of the metal rising in world markets as investors tend to view the commodity as a safe haven and boost demand for it, Beijing-based financial consultancy firm, Anbound, said in a note.
Reconstruction projects may also benefit China's steel and construction material firms, Mei Xinyu, a researcher with the Ministry of Commerce, said in a note.
Although falling energy prices are unlikely to benefit firms like PetroChina, oil may rebound over the long term when Japan needs large amounts of the energy to fuel its reconstruction after the earthquake, analysts said.
The price of crude oil fell in New York on Saturday, capping the first weekly drop in a month, as analysts said demand from Japan, the world's third largest oil-consuming economy, may shrink in the short term. Fears of a disruption to Saudi Arabia's oil supply were eased after authorities there managed to control protests.
The Shanghai Composite Index may seesaw around 2,940 points for technical support before rising to 3,000 points and turnover is expected to increase, Dong Hai Securities and Shenyin Wanguo Securities said in their weekly notes.
The gauge ended 0.79 percent lower on Friday and lost 0.29 percent for last week.
Though the magnitude 9.0 tremor in Japan may still cast a dark cloud on the local market this week, analysts suggest that investors pick certain stocks which are either chosen as a safe heaven or related to re-construction.
Gold producers may see prices of the metal rising in world markets as investors tend to view the commodity as a safe haven and boost demand for it, Beijing-based financial consultancy firm, Anbound, said in a note.
Reconstruction projects may also benefit China's steel and construction material firms, Mei Xinyu, a researcher with the Ministry of Commerce, said in a note.
Although falling energy prices are unlikely to benefit firms like PetroChina, oil may rebound over the long term when Japan needs large amounts of the energy to fuel its reconstruction after the earthquake, analysts said.
The price of crude oil fell in New York on Saturday, capping the first weekly drop in a month, as analysts said demand from Japan, the world's third largest oil-consuming economy, may shrink in the short term. Fears of a disruption to Saudi Arabia's oil supply were eased after authorities there managed to control protests.
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