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Key index set to break 2,400
By Pan Xiaoyi |
March 30, 2009, Monday
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Print Edition
Print Edition
THE Chinese mainland stock market is likely to break the 2,400-point barrier this week but may experience some turbulence after rising above that level, analysts said.
They said the index's general trend will continue to move upward although there will be fluctuations as seen last week. The benchmark Shanghai Composite index gained an accumulative 4.09 percent and turnover hit 736.77 billion yuan (US$108.35 billion), a rise from 560.91 billion yuan a week before.
Analysts believed Shanghai-based stocks and blue chips will outperform this week.
''The government's determination to shore up the economy along with the abundant market liquidity offer a solid foundation for shares to sustain the rebound,'' said Guo Xiang, an analyst at Huatai Securities Co. ''Investors should not be over-pessimistic even when faced with technical corrections this week.''
Guo said Shanghai-based stocks and the new energy sector will still be the focus after the central government unveiled supporting measures. The Ministry of Finance announced last week new energy firms will receive government subsidies to help grow environment-friendly resources and create a new momentum for economic growth. The State Council unveiled its plan to build Shanghai into an international financial center and shipping hub by 2020.
''The market will fluctuate more widely this week, swinging between profit taking and gaining market confidence,'' said Qian Qimin, an analyst at Shenyin Wanguo Securities Co. ''But the local index may hit 2,402 points after correcting and continue the upward trend.''
Qian sees the next resistance for the index would be at 2,510 points.
They said the index's general trend will continue to move upward although there will be fluctuations as seen last week. The benchmark Shanghai Composite index gained an accumulative 4.09 percent and turnover hit 736.77 billion yuan (US$108.35 billion), a rise from 560.91 billion yuan a week before.
Analysts believed Shanghai-based stocks and blue chips will outperform this week.
''The government's determination to shore up the economy along with the abundant market liquidity offer a solid foundation for shares to sustain the rebound,'' said Guo Xiang, an analyst at Huatai Securities Co. ''Investors should not be over-pessimistic even when faced with technical corrections this week.''
Guo said Shanghai-based stocks and the new energy sector will still be the focus after the central government unveiled supporting measures. The Ministry of Finance announced last week new energy firms will receive government subsidies to help grow environment-friendly resources and create a new momentum for economic growth. The State Council unveiled its plan to build Shanghai into an international financial center and shipping hub by 2020.
''The market will fluctuate more widely this week, swinging between profit taking and gaining market confidence,'' said Qian Qimin, an analyst at Shenyin Wanguo Securities Co. ''But the local index may hit 2,402 points after correcting and continue the upward trend.''
Qian sees the next resistance for the index would be at 2,510 points.
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