Index futures may lift gauge
By Pan Xiaoyi |
March 29, 2010, Monday
|
Print Edition
Print Edition
SHANGHAI stocks are likely to rise this week as undervalued blue chips are expected be boosted by the looming launch of stock index futures, analysts said.
The Shanghai Composite Index rose 1.34 percent on Friday to end at 3,059.72 last week, paring a weekly loss, as annual earnings reports indicated blue chips may be undervalued amid the lackluster market.
The China Financial Futures Exchange plans to launch the Chinese mainland's first stock index futures contract on April 16 in Shanghai. The futures will be based on the CSI 300 index that tracks the top 300 mainland-listed companies. Meanwhile, margin trading and short selling are also expected to debut by the end of this month.
"The capital to be invested in the innovative financial tools will target blue chips which are undervalued while shares with a high price-earnings ratio will face pressure," said Zhang Gang, an analyst at Southwest Securities Co. "The rebound in the heavyweights may push up the index."
Analysts said positive signs in the macro economy back the index.
"New yuan loans in March are seen to total up to 1 trillion yuan (US$146 billion) - a positive impact on the market," said Yi Xiaobin, a Galaxy Securities Co analyst.
The Shanghai Composite Index rose 1.34 percent on Friday to end at 3,059.72 last week, paring a weekly loss, as annual earnings reports indicated blue chips may be undervalued amid the lackluster market.
The China Financial Futures Exchange plans to launch the Chinese mainland's first stock index futures contract on April 16 in Shanghai. The futures will be based on the CSI 300 index that tracks the top 300 mainland-listed companies. Meanwhile, margin trading and short selling are also expected to debut by the end of this month.
"The capital to be invested in the innovative financial tools will target blue chips which are undervalued while shares with a high price-earnings ratio will face pressure," said Zhang Gang, an analyst at Southwest Securities Co. "The rebound in the heavyweights may push up the index."
Analysts said positive signs in the macro economy back the index.
"New yuan loans in March are seen to total up to 1 trillion yuan (US$146 billion) - a positive impact on the market," said Yi Xiaobin, a Galaxy Securities Co analyst.
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