Rebound seen for key index
By Joy Wang |
March 7, 2011, Monday
|
Print Edition
Print Edition
SHANGHAI stocks may continue to rebound this week to above the psychologically important 3,000-point level as investors anticipate more positive policies during the annual sessions of China's top legislature and political advisory body.
The Shanghai Composite Index ended at 2,942.31 last Friday, a 2.2-percent gain from a week earlier.
"The time has come for the index to rebound to above 3,000," said China Development Bank Securities Co Ltd in a note.
The brokerage sees the index from 2,880 to 3,000 this week.
Other major brokerages are also optimistic about the outlook, with Rising Securities Co banking on the index to rise up to 3,050.
In the past 16 years, the Shanghai market has rebounded 11 times during the meetings. Shares of companies that would benefit from industry development plans will be favored, observers said.
Analysts suggested investors seek food and agricultural firms as the country combats inflation.
The Shanghai Composite Index ended at 2,942.31 last Friday, a 2.2-percent gain from a week earlier.
"The time has come for the index to rebound to above 3,000," said China Development Bank Securities Co Ltd in a note.
The brokerage sees the index from 2,880 to 3,000 this week.
Other major brokerages are also optimistic about the outlook, with Rising Securities Co banking on the index to rise up to 3,050.
In the past 16 years, the Shanghai market has rebounded 11 times during the meetings. Shares of companies that would benefit from industry development plans will be favored, observers said.
Analysts suggested investors seek food and agricultural firms as the country combats inflation.
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