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Consumer players power Shanghai index
By Lydia Chen |
August 12, 2011, Friday
|
Online Edition
Online Edition
SHARES in Shanghai extended gains for a third day today with investors piling into consumer plays as defensive investments following a week of intensified volatility reeled from the debt crisis in Europe and the United States.
However, analysts warned that despite the short streak of rebound, the stock market is likely to fluctuate in a short term as thinner trading volume indicates investors are still cautious.
The Shanghai Composite Index added 0.45 percent to 2,593.17. It lost 1.27 percent this week. Turnover was almost unchanged from yesterday to stay around 100 billion yuan (US$).
Consumer-related shares, including apparel and liquor makers, were among the strongest counters today.
Kweichow Moutai Co, a Chinese state-owned enterprise that produces premium liquor, was up 0.96 percent to 216.77 yuan. Fuafang Textile Co and Fujian Fynex Textile Science & Technology Co both posted a gain of daily cap of 10 percent.
China's insurance sector was reportedly to have invested 10 billion yuan in the mainland stock markets this week to further boost sentiment, according to China Securities Journal today. In an earlier report, China's massive pension fund was also said to have moved up to 10 billion yuan to stabilize the market after the Shanghai benchmark index once nosedived nearly 100 points to 2,437 on Tuesday amid a global stock rout.
"The market will rebound from that 2,437, a level that would be the bottom low if seen from a medium term," Kang Hongtao, an analyst with Guoyuan Securities said.
However, analysts warned that despite the short streak of rebound, the stock market is likely to fluctuate in a short term as thinner trading volume indicates investors are still cautious.
The Shanghai Composite Index added 0.45 percent to 2,593.17. It lost 1.27 percent this week. Turnover was almost unchanged from yesterday to stay around 100 billion yuan (US$).
Consumer-related shares, including apparel and liquor makers, were among the strongest counters today.
Kweichow Moutai Co, a Chinese state-owned enterprise that produces premium liquor, was up 0.96 percent to 216.77 yuan. Fuafang Textile Co and Fujian Fynex Textile Science & Technology Co both posted a gain of daily cap of 10 percent.
China's insurance sector was reportedly to have invested 10 billion yuan in the mainland stock markets this week to further boost sentiment, according to China Securities Journal today. In an earlier report, China's massive pension fund was also said to have moved up to 10 billion yuan to stabilize the market after the Shanghai benchmark index once nosedived nearly 100 points to 2,437 on Tuesday amid a global stock rout.
"The market will rebound from that 2,437, a level that would be the bottom low if seen from a medium term," Kang Hongtao, an analyst with Guoyuan Securities said.
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