Hunting for bargains lifts index nearly 1.6%
By Ye Zhen |
April 25, 2013, Thursday
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Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday, lifted by a bout of bargain hunting amid speculation the market has been oversold.
The Shanghai Composite Index gained 1.55 percent, or 33.78 points, to 2,218.32 points.
Chang Qing, chief analyst at Huaxi Securities, said the market rebounded after it fell 2.6 percent on Tuesday.
Shenyin & Wanguo Securities said the market also rose on hopes the government will unveil stimulus policies after the State-owned Assets Supervision & Administration Commission set growth targets of over 8 percent in economic output and above 10 percent in profits for major state-owned enterprises.
An investment blue book released yesterday by the state-owned China Jianyin Investment Securities Co and Social Sciences Academic Press said there is upward room for China's stock market to rise further in 2013.
Media firms rose after the China Securities Journal said the government may extend a preferential tax policy for the sector.
BesTV New Media surged 7 percent to 19.75 yuan and Jiangsu Phoenix Publishing & Media Corp rose 3 percent to 6.96 yuan.
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