Key gauge seen around 3,500

By Ding Yining | July 27, 2009, Monday |

Print Edition

AS the stock market is expected to be flush with capital, there are hopes that the key barometer will climb to about 3,500 points this week, analysts said.

The benchmark Shanghai Composite Index closed at 3,372.6 points last Friday. The gauge gained a total of 5.73 percent last week.

"Investors should remain cautious but at the same time be positive about the market in the long run as the government intends to maintain a loose monetary policy," Yi Xiaobin, an analyst at Galaxy Securities, wrote in a research report.

"The index may stay in the range of 3,300 and 3,500 points," Yi added.

Huatai Securities wrote in a note that the government's package of stimulus measures "will not end in the near future, and the upward trend will remain as the index is now above 3,300 points."

But it warned that the index "will adjust slightly in the future."

Shares of China State Construction Engineering Corp, which raised 50 billion yuan (US$7.31 billion) in the world's biggest initial public offering since March 2008, will start trading on Wednesday in Shanghai.

Finance

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Key gauge seen around 3,500

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