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Key index not expected to record huge climb this week

SHANGHAI'S key stock index is not likely to see a big rise in the near future as the market is still sensitive over macroeconomic statistics, analysts said.

The Shanghai Composite Index dipped a collective 0.47 percent last week. The barometer ended at 2,743.76 points last Friday. It plunged from a 10-month high to end at 2,797.32 last Thursday.

"The index will fluctuate around 2,800 points in the near future before climbing again," said Yi Xiaobin, an analyst at Galaxy Securities. "The market is sensitive to the resumption of initial public offerings and some of the shares may face profit taking" this week.

The China Securities Regulatory Commission implemented new IPO guidelines last Thursday, signaling the end of a nine-month hiatus for new shares sales on the Shanghai and Shenzhen stock exchanges.

"Preparations for initial public offerings and the growth enterprise market are almost done but IPOs on the main board will come earlier," Wang Lin, deputy director of the public offering supervision department under the CSRC, said in an interview last Thursday.

"The index will face pressure at around 2,800 points and the banking sector and other heavyweights, including oil producers, will be critical to it in the future," Orient Securities said in a note.


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