Key index rebounds on bargain hunting
By Winny Wang |
May 22, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday on bargain hunting as investors speculated the key index should have hit bottom after it fell nearly 10 percent this month.
The Shanghai Composite Index gained 1.08 percent, or 27.58 points, to end at 2,583.52. Turnover stood at 97 billion yuan (US$14.2 billion).
The gauge fell 4.2 percent this week, extending a 21 percent decline so far this year.
The barometer opened lower yesterday after global markets suffered heavy losses on Thursday and dropped to as low as 2,482 points, below the psychologically important 2,500-point mark. But the index rebounded in the afternoon session.
"The index reflected investor concerns over inflation and efforts to clamp down on speculation in the property market," said Yu Jun, an analyst at Citic Securities Co, adding that Europe's debt crisis influence has been eased.
"The index is expected to stabilize in late June and return to 3,000 points in the second half of this year," Yu forecast.
Property stocks led the recovery yesterday. Gemdale Corp gained 7.63 percent to 6.63 yuan. Shanghai Shimao Co rose 5.41 percent to 10.44 yuan, and Poly Real Estate Group grew 5.98 percent to 11.16 yuan.
Xinjiang-based firms rose after President Hu Jintao pledged a vast state investment drive in the Xinjiang Uygur Autonomous Region.
Xinjiang Urban Construction Co and Xinjiang Dushanzi Tianli High and New Tech Co surged by the 10 percent daily cap to 12.73 yuan and 9.66 yuan respectively.
The Shanghai Composite Index gained 1.08 percent, or 27.58 points, to end at 2,583.52. Turnover stood at 97 billion yuan (US$14.2 billion).
The gauge fell 4.2 percent this week, extending a 21 percent decline so far this year.
The barometer opened lower yesterday after global markets suffered heavy losses on Thursday and dropped to as low as 2,482 points, below the psychologically important 2,500-point mark. But the index rebounded in the afternoon session.
"The index reflected investor concerns over inflation and efforts to clamp down on speculation in the property market," said Yu Jun, an analyst at Citic Securities Co, adding that Europe's debt crisis influence has been eased.
"The index is expected to stabilize in late June and return to 3,000 points in the second half of this year," Yu forecast.
Property stocks led the recovery yesterday. Gemdale Corp gained 7.63 percent to 6.63 yuan. Shanghai Shimao Co rose 5.41 percent to 10.44 yuan, and Poly Real Estate Group grew 5.98 percent to 11.16 yuan.
Xinjiang-based firms rose after President Hu Jintao pledged a vast state investment drive in the Xinjiang Uygur Autonomous Region.
Xinjiang Urban Construction Co and Xinjiang Dushanzi Tianli High and New Tech Co surged by the 10 percent daily cap to 12.73 yuan and 9.66 yuan respectively.
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