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Investors continue to remain cautious
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SHANGHAI stocks rose yesterday but a cautious sentiment still prevailed amid a tepid turnover as economic worries increased.
The Shanghai Composite Index gained 0.86 percent to 3,142.69 points. Around 231 billion yuan (US$36.2 billion) worth of shares changed hands, down 55 percent from the daily average turnover of 514.8 billion yuan in August.
Manish Jaradi, senior investment strategist at DBS Bank, said the rebound in the Shanghai index was feeble as it didn’t break any resistance from a technical perspective.
“Given the sharp slide in recent months, the longer the index moves sideways, the more vulnerable it is to another round of weakness,” Jaradi said.
Railway builders gained after UK finance minister George Osborne invited Chinese firms to build a high-speed rail line between London and Birmingham.
Jinxi Axle Co soared 8.2 percent to 10.17 yuan while CRRC Corp, formerly CSR Corp, added 1.6 percent to 13.79 yuan.
The central bank yesterday injected 80 billion yuan via 14-day reverse repurchase agreements to boost liquidity ahead of the weeklong National Day holiday starting next Thursday.
Investors were pessimistic after data on Wednesday showed China’s manufacturing activity may have dropped to a 78-month low in September.
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