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Drug firms and banks push key index higher
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China’s key stock index yesterday rose from a four-month low as shares of banks and drug makers rebounded, but there are doubts whether the recovery can be sustained.
The Shanghai Composite Index added 4.91 points, or 0.24 percent, to 2,089.71 at the close yesterday, snapping a nine-day losing streak.
The barometer slumped 5.07 percent last week, the biggest weekly loss in more than two years, amid soaring money-market rates in China’s worst cash crunch in its financial system since June.
“Financial counters have led the bounce back in the index, but not significantly,” Shenyin & Wanguo Securities said in a note. “It remains to be seen where the rebound can be sustained.”
China Construction Bank Corp increased 5.30 percent to 4.17 yuan (69 US cents) after slumping 6.16 percent on Friday, while China CITIC Bank jumped 5.59 percent to 3.78 yuan after tumbling 8.67 percent in the previous trading session.
The selling of bank shares late Friday was due to portfolio correction by foreign institutional investors following the adjustments of component stocks and their weighting in some foreign indexes for Chinese stocks, the Shanghai Stock Exchange said on Sunday.
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