Late bargain buying helps shares climb
Print Edition
SHANGHAI shares yesterday rebounded from their lowest level since August, helped by bargain buying after a nearly 20 percent plunge in early 2016.
The Shanghai Composite Index rose 1.97 percent to close at 3,007.65 points, after hitting a new low at mid-day.
Health-care companies surged in late trading, with Harbin Pharmaceutical Group Co jumping by the 10 percent daily limit to 9.52 yuan (US$1.44).
Li Bo, a senior investment consultant at GF Securities Co, said “investors are looking for bargains” because some blue chips have already fallen too much.
The index has lost nearly 20 percent of its value in the previous eight trading days this year, falling below the key 3,000-point level on Wednesday to hit the lowest level since August.
“On one hand, there’s a need for a technical rebound given the steep losses, but the rebound also reflects efforts made by authorities to stabilize the market with many small and medium companies pledging not to cut holdings,” Sun Jianbo, a strategist at Galaxy Securities, told Bloomberg News.
Steven Sun, head of China equity research at HSBC, said state funds may have bought stocks when the Shanghai gauge fell below key levels.
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