Financial stocks lead index rally
By Ye Zhen |
December 5, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday from a 46-month low on speculation that the market has been oversold following its recent slump.
The benchmark Shanghai Composite Index gained 0.78 percent to settle at 1,975.14 points.
"The market is showing signs of being oversold after the recent harsh selling and bargain-hunters have been busy, believing the market has bottomed out," independent analyst Shen Jianqing said yesterday.
The valuation of the stock market has fallen to the lowest level since 1997, with the price-to-earnings ratio of the Shanghai Composite Index at 10.9 times, according to data compiled by Bloomberg News.
However, Chen Jianzhong, a Minmetals Securities Co, analyst said, "The rebound is not likely to sustain as trading activity is still weak."
Financial stocks led the gainers after the People's Bank of China yesterday injected 59 billion yuan (US$9.37 billion) into the country's financial system via seven-day reverse repurchase agreements and another 38 billion yuan through 14-day agreements.
Sinolink Securities Co rose 6.6 percent to 12.91 yuan. Haitong Securities Co gained 3.2 percent to 8.15 yuan.
The benchmark Shanghai Composite Index gained 0.78 percent to settle at 1,975.14 points.
"The market is showing signs of being oversold after the recent harsh selling and bargain-hunters have been busy, believing the market has bottomed out," independent analyst Shen Jianqing said yesterday.
The valuation of the stock market has fallen to the lowest level since 1997, with the price-to-earnings ratio of the Shanghai Composite Index at 10.9 times, according to data compiled by Bloomberg News.
However, Chen Jianzhong, a Minmetals Securities Co, analyst said, "The rebound is not likely to sustain as trading activity is still weak."
Financial stocks led the gainers after the People's Bank of China yesterday injected 59 billion yuan (US$9.37 billion) into the country's financial system via seven-day reverse repurchase agreements and another 38 billion yuan through 14-day agreements.
Sinolink Securities Co rose 6.6 percent to 12.91 yuan. Haitong Securities Co gained 3.2 percent to 8.15 yuan.
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