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September 28, 2009

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Holiday mood hits the market

SHANGHAI'S key stock index is likely to trade within a fairly narrow range this week as investors head to the sidelines in the lead up to the National Day holiday that begins on Thursday.

The benchmark Shanghai Composite Index lost 4.18 percent last week, closing at 2,838.84 points on Friday. It was the worst weekly performance in six weeks.

"The index will be a bit sluggish this week as international bourses and commodity prices will likely influence the domestic market once it reopens," Qian Qimin, an analyst at Shenyin & Wanguo Securities, wrote in a research note.

Yi Xiaobin, an analyst at Galaxy Securities, predicted the Shanghai Composite Index would trade somewhere between 2,800 and 3,000 points this week. "The market situation will become much clearer after the National Day holiday," Yi said.


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