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December 7, 2009

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Investors wary of work conference on key index

INVESTORS should be prepared for some uncertainties in the Shanghai stock market this week due to the holding of the Central Economic Work Conference which will draft macroeconomic policies for China in the coming year, analysts said.

The conference started on Saturday in Beijing and government leaders will lay the groundwork for policies to consolidate the nation's economic recovery following the global financial crisis this year.

The Shanghai Composite Index added a total of 7.14 percent last week to close at 3,317.04.

The index will stay around 3,300 points till the end of the year as no big changes are expected, Galaxy Securities' Yi Xiaobin wrote in a research report.

A meeting of the Political Bureau of the Communist Party of China Central Committee agreed on November 27 to continue the proactive fiscal policy and moderately easy monetary policy in 2010. It vowed to enhance the focus and flexibility of economic policy next year according to new conditions to ensure a stable and balanced economic recovery.

"Some investors hold back on speculation that inflation risks will affect the central government's policy next year and we shall wait and see what decisions the conference will make," the report said.


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