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Index halts three-day loss streak
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Shanghai shares rose yesterday, led by media and entertainment stocks, to end a three-day losing streak.
The Shanghai Composite Index inched up 0.2 percent to 2,160.03 points.
For the week, it fell 1.5 percent, marking its second straight weekly loss.
“In the last trading week before the National Day holiday, investors became cautious and chose to hold on to their money,” HSBC Jintrust Fund said in a note.
Media and entertainment stocks continued their rally yesterday ahead of the week-long holiday.
Shanghai Xinhua Media Co jumped almost by the 10 percent daily limit to 7.62 yuan (US$1.25) following reports that the two largest newspaper groups in Shanghai, Jiefang Daily and Wenhui-Xinmin, will merge. Jiefang Daily Group is the second-largest shareholder of Xinhua Media with a 23 percent stake.
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