Index futures and data to drive market
By Pan Xiaoyi |
January 11, 2010, Monday
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Print Edition
Print Edition
SHANGHAI'S stocks are likely to rise this week in anticipation the approval of stock-index futures trading may give a boost to trading and also on expectations that macroeconomic data to be released today are set to cement the country's economic recovery, analysts said.
The benchmark Shanghai Composite Index posted a weekly loss of 2.48 percent to end at 3,196 last week on signs China may roll out more forceful measures to curb the overflow of liquidity and rein in a possible bubble in asset prices.
The China Securities Regulatory Commission posted a statement on its Website after the stock market closed last Friday which said the government had approved the long-awaited stock-index futures and it would take about three months to prepare for its launch. Meanwhile, the green light was also given to margin trading and short-selling but no timetable was available.
"The stock market usually rises before the launch of stock-index futures," Nanjing Securities Co wrote. "The news will give a big boost to shares as the index futures trading will spur trading and shore up liquidity."
Analysts said December economic data may fuel the index's climb.
"China's manufacturing sector expanded faster last month, pointing to a stronger economic momentum," said Qian Qimin, an analyst at Shenyin & Wanguo Securities Co.
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