Key index inches up, rises 2.2% for week
By Ye Zhen |
March 23, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday as concern about the economy eased even though uncertainty remained over the reintroduction of new share listings.
The Shanghai Composite Index gained for the fourth straight day, adding 0.17 percent to settle at 2,328.28 points. The index rose 2.2 percent this week, the first weekly gain in three weeks.
"Concern about the continuity of China's economic rebound has been alleviated after the HSBC Flash China Purchasing Managers's Index posted a significant increase from 50.4 to 51.7 in March," Shen Zhengyan, analyst with Northeast Securities Co, said in a note. "The stock market is likely to see a new round of growth."
However, Shenyin and Wanguo Securities cautioned the market is likely to fluctuate in the short term due to uncertainties, including the resumption of initial public offerings and the policy position of Xiao Gang, the new head of the China Securities Regulatory Commission.
A total of 847 companies, as of March 15, were waiting for regulatory approval to list on domestic exchanges, according to CSRC data.
An online survey by Sina.com found 71.3 percent of 12,085 respondents believed IPOs would resume sooner after Xiao was appointed to lead the CSRC.
Paper makers gained on expectations costs for imported raw materials will drop after the yuan traded near a 19-year high against the US dollar. Nanzhi Co surged 10 percent to 5.30 yuan (85 US cents).
The Shanghai Composite Index gained for the fourth straight day, adding 0.17 percent to settle at 2,328.28 points. The index rose 2.2 percent this week, the first weekly gain in three weeks.
"Concern about the continuity of China's economic rebound has been alleviated after the HSBC Flash China Purchasing Managers's Index posted a significant increase from 50.4 to 51.7 in March," Shen Zhengyan, analyst with Northeast Securities Co, said in a note. "The stock market is likely to see a new round of growth."
However, Shenyin and Wanguo Securities cautioned the market is likely to fluctuate in the short term due to uncertainties, including the resumption of initial public offerings and the policy position of Xiao Gang, the new head of the China Securities Regulatory Commission.
A total of 847 companies, as of March 15, were waiting for regulatory approval to list on domestic exchanges, according to CSRC data.
An online survey by Sina.com found 71.3 percent of 12,085 respondents believed IPOs would resume sooner after Xiao was appointed to lead the CSRC.
Paper makers gained on expectations costs for imported raw materials will drop after the yuan traded near a 19-year high against the US dollar. Nanzhi Co surged 10 percent to 5.30 yuan (85 US cents).
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