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Rebound in market may be modified
By Feng Jianmin |
February 14, 2011, Monday
|
Print Edition
Print Edition
THE Shanghai stock market may continue its rebound this week but modified by a tighter policy outlook under growing inflation pressure, analysts said.
The benchmark Shanghai Composite Index rose 1 percent last week, a three-day period because of the Spring Festival.
The growth came after the central bank raised benchmark interest rates by 0.25 percentage points on February 8, a day before the market reopened.
"Turnover was stronger in the past week and the small caps have rebounded significantly," said Zhou Yu, an analyst with Pacific Securities. "That indicates a lift of market sentiment."
He expected no tightening measures before March.
"But the stock market in general is not likely to grow for a long period because the government will continue to carry out strict policies against inflation in the first quarter," he added.
The official consumer price and product price indexes for January are due tomorrow.
"Commodity prices rallied on overseas markets during the Spring Festival and food prices also surged because of recent bad weather," said Yi Xiaobin, an analyst with Galaxy Securities.
"The authorities will be resolved to control market liquidity."
Yi added: "Consumer related sectors such as auto and pharmaceutical are good value. The energy saving sector and advanced equipment makers are also worth keeping an eye on when their prices drop."
The benchmark Shanghai Composite Index rose 1 percent last week, a three-day period because of the Spring Festival.
The growth came after the central bank raised benchmark interest rates by 0.25 percentage points on February 8, a day before the market reopened.
"Turnover was stronger in the past week and the small caps have rebounded significantly," said Zhou Yu, an analyst with Pacific Securities. "That indicates a lift of market sentiment."
He expected no tightening measures before March.
"But the stock market in general is not likely to grow for a long period because the government will continue to carry out strict policies against inflation in the first quarter," he added.
The official consumer price and product price indexes for January are due tomorrow.
"Commodity prices rallied on overseas markets during the Spring Festival and food prices also surged because of recent bad weather," said Yi Xiaobin, an analyst with Galaxy Securities.
"The authorities will be resolved to control market liquidity."
Yi added: "Consumer related sectors such as auto and pharmaceutical are good value. The energy saving sector and advanced equipment makers are also worth keeping an eye on when their prices drop."
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