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Financials lead hard climb from the depths
By Lydia Chen |
September 21, 2011, Wednesday
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Print Edition
Print Edition
SHANGHAI stock market climbed out of a 14-month low in lackluster turnover yesterday, as rebounds in beaten-down financials countered losses in underperforming property plays.
The Shanghai Composite Index edged up 0.4 percent to 2,447.76 points.
Financials were the main fuel for the market reverse, but the small rebound was considered only "short-lived" by Wang Liemin, an analyst with Guosen Securities.
Wang said: "The overall policy environment has not changed and we are not sure the rebound has momentum. But it is not likely the market will continue to fall."
The Industrial Bank added 1.1 percent to 12.84 yuan (US$2.01). CITIC Securities, China's largest brokerage, jumped 2.6 percent to 12.25 yuan.
Market giants such as PetroChina and Sinopec also gained - PetroChina by 0.6 percent to 9.63 yuan, and Sinopec by 0.28 percent to 7.05 yuan.
Cement makers were among the risers after Premier Wen Jiabao announced China will continue to promote the construction of public rental housing, allowing financial institutions to lend to qualified local government financing vehicles for such projects.
Anhui Conch Cement, China's biggest cement maker, gained 1.4 percent to 17.39 yuan.
Analysts with Northeast Securities said investors need to be more patient and confident in a weak market and keep stock exposure low.
The Shanghai Composite Index has slumped 13 percent so far this year, following a 14.3 percent fall last year.
The Shanghai Composite Index edged up 0.4 percent to 2,447.76 points.
Financials were the main fuel for the market reverse, but the small rebound was considered only "short-lived" by Wang Liemin, an analyst with Guosen Securities.
Wang said: "The overall policy environment has not changed and we are not sure the rebound has momentum. But it is not likely the market will continue to fall."
The Industrial Bank added 1.1 percent to 12.84 yuan (US$2.01). CITIC Securities, China's largest brokerage, jumped 2.6 percent to 12.25 yuan.
Market giants such as PetroChina and Sinopec also gained - PetroChina by 0.6 percent to 9.63 yuan, and Sinopec by 0.28 percent to 7.05 yuan.
Cement makers were among the risers after Premier Wen Jiabao announced China will continue to promote the construction of public rental housing, allowing financial institutions to lend to qualified local government financing vehicles for such projects.
Anhui Conch Cement, China's biggest cement maker, gained 1.4 percent to 17.39 yuan.
Analysts with Northeast Securities said investors need to be more patient and confident in a weak market and keep stock exposure low.
The Shanghai Composite Index has slumped 13 percent so far this year, following a 14.3 percent fall last year.
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