Key index set to keep upward trend

By Ding Yining | March 23, 2009, Monday |

Print Edition

SHANGHAI'S key stock index is expected to sustain its upward trend this week, supported by likely strong performance of blue chips and a generally warm investor sentiment in the market, analysts said.

The Shanghai Composite Index soared 7.15 percent last week to turn in the best performance since the week ended February 6. The barometer ended at 2,281.09 points on Friday. The Shanghai exchange turned in a combined market value of 12.2 trillion yuan (US$1.8 trillion) by the end of last week.

"The market will need more time to cement confidence but the upward trend wouldn't end shortly," said Qian Qimin, an analyst at Shenyin & Wanguo Securities. "The index may rise above 2,400 points" this week.

The Shanghai exchange had a collective turnover of 578.5 billion yuan in the last five trading days, up more than one third from the previous week and a rise in turnover may further boost the index to climb.

Qian added that more capital may enter the market, attracted by strong performance of various sectors, including metal producers and real estate developers in the past week.

The United States Federal Reserve's move to buy more treasury bonds also boosted talk the US dollar would depreciate and metal and commodity prices would rise.

Finance

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Key index set to keep upward trend

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