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Market ends up on buoyant financials
By Lydia Chen |
September 20, 2011, Tuesday
|
Online Edition
Online Edition
THE Shanghai stock market climbed out of a 14-month low amid lackluster turnover, as buoyant financial stocks countered losses among underperforming property plays.
The Shanghai Composite Index edged up 0.41 percent to 2,447.76. Turnover fell slightly to 48 billion yuan (US$7.52 billion) from yesterday's 48.6 billion yuan.
Financials were the biggest factor helping the market to climb out of a low opening and sustain the index in the afternoon session.
But the small rebound was expected to be only "short-lived" by Wang Liemin, an analyst with Guosen Securities.
"The overall policy environment has not changed at all and we are not sure that a rebound momentum is coming," Wang said. "But it is more certain that the chances the market will continue to fall is not very high," he added.
Industrial Bank Co added 1.10 percent to 12.84 yuan. Citic Securities, China's largest brokerage, jumped 2.60 percent to 12.25 yuan.
Market giants such as PetroChina and Sinopec secured the gains. PetroChina rose 0.63 percent to 9.63 yuan. Sinopec edged up 0.28 percent to 7.05 yuan.
Cement makers were among the gainers after Premier Wen Jiabao said yesterday China would continue to promote the construction of public rental housing
Anhui Conch Cement added 1.57 percent to 17.42 yuan.
Wen said the government would allow financial institutions to lend to qualified local government financing vehicles for public-rental housing projects, according to an official statement.
Analysts with Northeast Securities said investors needed to be more patient and confident in a weak market and keep stock exposure at a low level for now.
The Shanghai benchmark has already slumped 13 percent so far this year, following a 14.3 percent fall last year, amid the government's monetary tightening against inflation.
People's Daily also said today that the mainland stock markets were not likely to see any sustained growth if the country continued to allow more IPOs and new placements.
A total of 229 new listings debuted during the first three quarters of this year, raking in a total of 230 billion yuan, according to China Securities Journal today.
The Shanghai Composite Index edged up 0.41 percent to 2,447.76. Turnover fell slightly to 48 billion yuan (US$7.52 billion) from yesterday's 48.6 billion yuan.
Financials were the biggest factor helping the market to climb out of a low opening and sustain the index in the afternoon session.
But the small rebound was expected to be only "short-lived" by Wang Liemin, an analyst with Guosen Securities.
"The overall policy environment has not changed at all and we are not sure that a rebound momentum is coming," Wang said. "But it is more certain that the chances the market will continue to fall is not very high," he added.
Industrial Bank Co added 1.10 percent to 12.84 yuan. Citic Securities, China's largest brokerage, jumped 2.60 percent to 12.25 yuan.
Market giants such as PetroChina and Sinopec secured the gains. PetroChina rose 0.63 percent to 9.63 yuan. Sinopec edged up 0.28 percent to 7.05 yuan.
Cement makers were among the gainers after Premier Wen Jiabao said yesterday China would continue to promote the construction of public rental housing
Anhui Conch Cement added 1.57 percent to 17.42 yuan.
Wen said the government would allow financial institutions to lend to qualified local government financing vehicles for public-rental housing projects, according to an official statement.
Analysts with Northeast Securities said investors needed to be more patient and confident in a weak market and keep stock exposure at a low level for now.
The Shanghai benchmark has already slumped 13 percent so far this year, following a 14.3 percent fall last year, amid the government's monetary tightening against inflation.
People's Daily also said today that the mainland stock markets were not likely to see any sustained growth if the country continued to allow more IPOs and new placements.
A total of 229 new listings debuted during the first three quarters of this year, raking in a total of 230 billion yuan, according to China Securities Journal today.
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