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Shanghai Composite up 0.35% in morning trading
By Ye Zhen |
February 26, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning and a rally of financial shares offset the decline of distilleries and commodities.
The benchmark Shanghai Composite Index gained 0.35 percent to 2,333.90 points. Turnover reached 57.5 billion yuan (US$9.3 billion) by midday.
"The market rose on a technical rebound after it dropped more than 100 points last week," said Great Wall Securities.
Last week the market tumbled on Beijing's move to tighten housing controls and the central bank's liquidity drain, as well the US Federal Reserve's plan to end the current bond-buying stimulus measures. The Shanghai Composite suffered the biggest weekly loss since May 2011.
"The fundamentals remain positive for the stock market as China's economy is still on track for a mild recovery and fund supply is stable," the broker said.
Damo Investment Co said today the market is likely to receive further support as the government may unveil new stimuli during the annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference next month.
Lenders jumped among financials. Industrial Bank Co soared 5.3 percent to 19.01 yuan. China Minsheng Banking Corp advanced 4.6 percent to 10.04 yuan. Shanghai Pudong Development Bank Co added 3.7 percent to 10.70 yuan.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 1.5 percent to 178.33 yuan. Sichuan Tuopai Shede Wine Co fell 1.2 percent to 26.58 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 2.2 percent to 32.68 yuan. Rising Nonferrous Metals Holdings Co lost 2.3 percent to 53.97 yuan.
The benchmark Shanghai Composite Index gained 0.35 percent to 2,333.90 points. Turnover reached 57.5 billion yuan (US$9.3 billion) by midday.
"The market rose on a technical rebound after it dropped more than 100 points last week," said Great Wall Securities.
Last week the market tumbled on Beijing's move to tighten housing controls and the central bank's liquidity drain, as well the US Federal Reserve's plan to end the current bond-buying stimulus measures. The Shanghai Composite suffered the biggest weekly loss since May 2011.
"The fundamentals remain positive for the stock market as China's economy is still on track for a mild recovery and fund supply is stable," the broker said.
Damo Investment Co said today the market is likely to receive further support as the government may unveil new stimuli during the annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference next month.
Lenders jumped among financials. Industrial Bank Co soared 5.3 percent to 19.01 yuan. China Minsheng Banking Corp advanced 4.6 percent to 10.04 yuan. Shanghai Pudong Development Bank Co added 3.7 percent to 10.70 yuan.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 1.5 percent to 178.33 yuan. Sichuan Tuopai Shede Wine Co fell 1.2 percent to 26.58 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 2.2 percent to 32.68 yuan. Rising Nonferrous Metals Holdings Co lost 2.3 percent to 53.97 yuan.
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