Hopes of oversold market lift key index
By Verain Ye |
April 17, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday after falling for three straight days on speculation the market has been oversold following its recent slump.
The Shanghai Composite Index added 0.59 percent to settle at 2,194.85 points after briefly hitting 2,165.78 points, the lowest level this year. The index has shrunk 10.2 percent from this year's high on February 18.
"The market is oversold and due for a technical rebound after felling to the lowest level this year," said Zhang Gang, senior analyst with Southwest Securities.
Meanwhile, Shenyin and Wanguo Securities said the market edged up on hopes the central government will relax policies after China's economic growth in the first quarter came in less than expected.
Zhang said property developers "advanced as investors were attracted by their optimistic earnings and low valuations."
Poly Real Estate, China's second-largest listed developer, rose 6 percent to 12.46 yuan (US$2). Gemdale Corp surged 6.8 percent to 7.42 yuan. China Enterprise Co leapt by the daily cap of 10 percent to 5.65 yuan.
Insurers also gained after the China Insurance Regulatory Commission allowed eligible investors to own up to 51 percent of insurers, up from the 20 percent cap.
China Life Insurance, the country's biggest insurer, rose 2.2 percent to 17.42 yuan. Ping An Insurance Co, China's second-largest insurer, added 2.5 percent to 41.53 yuan.
The Shanghai Composite Index added 0.59 percent to settle at 2,194.85 points after briefly hitting 2,165.78 points, the lowest level this year. The index has shrunk 10.2 percent from this year's high on February 18.
"The market is oversold and due for a technical rebound after felling to the lowest level this year," said Zhang Gang, senior analyst with Southwest Securities.
Meanwhile, Shenyin and Wanguo Securities said the market edged up on hopes the central government will relax policies after China's economic growth in the first quarter came in less than expected.
Zhang said property developers "advanced as investors were attracted by their optimistic earnings and low valuations."
Poly Real Estate, China's second-largest listed developer, rose 6 percent to 12.46 yuan (US$2). Gemdale Corp surged 6.8 percent to 7.42 yuan. China Enterprise Co leapt by the daily cap of 10 percent to 5.65 yuan.
Insurers also gained after the China Insurance Regulatory Commission allowed eligible investors to own up to 51 percent of insurers, up from the 20 percent cap.
China Life Insurance, the country's biggest insurer, rose 2.2 percent to 17.42 yuan. Ping An Insurance Co, China's second-largest insurer, added 2.5 percent to 41.53 yuan.
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