Index may post mild rebound
By Wang Yanlin |
October 10, 2011, Monday
|
Print Edition
Print Edition
THE Shanghai stock market may rebound mildly when it resumes trading today in anticipation that sentiment may improve and on better-than-expected performance of China's manufacturing sector in September.
"Shares may have hit the bottom in this cyclical period," said Tian Jihui, an analyst at Sinolink Securities Co. "The market is anticipating a recovery to a reasonable level. As no extremely negative news have been reported in and out of China in the past seven days, it's time for investors to buy."
The Shanghai Composite Index lost 0.26 percent to close at 2,359.22 points on September 30, the lowest close since April 2009. The gauge has shed 8.1 percent last month and capped a quarterly loss of 15 percent.
The stock market was closed for the week-long National Day holiday last week.
China's official Purchasing Managers' Index, which measures the vitality of manufacturing activities, increased to 51.2 last month from 50.9 in August, indicating continued stability in the domestic economy.
"Shares may have hit the bottom in this cyclical period," said Tian Jihui, an analyst at Sinolink Securities Co. "The market is anticipating a recovery to a reasonable level. As no extremely negative news have been reported in and out of China in the past seven days, it's time for investors to buy."
The Shanghai Composite Index lost 0.26 percent to close at 2,359.22 points on September 30, the lowest close since April 2009. The gauge has shed 8.1 percent last month and capped a quarterly loss of 15 percent.
The stock market was closed for the week-long National Day holiday last week.
China's official Purchasing Managers' Index, which measures the vitality of manufacturing activities, increased to 51.2 last month from 50.9 in August, indicating continued stability in the domestic economy.
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