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Shanghai Composite up 0.47% as investor anxiety fades
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SHANGHAI stocks closed higher today as jitters over new share offerings subsided and fears about economic slowdown may have bottomed out.
The benchmark Shanghai Composite Index rose 0.47 percent, or 9.57 points, to 2,033.93. Daily turnover was 61.7 billion yuan (US$10 billion).
“The impact of initial public offerings on the market is likely to recede because the low allocation rate in the latest IPO subscriptions is damping investor appetite for new shares,” said Xiao Shijun of Guodu Securities.
Xiao said the market will continue to rebound after funds locked up in IPO bids are freed up.
Haitong Securities said the market was also boosted by expectations that China’s economic slowdown may have stabilized after data released yesterday by HSBC Holdings Plc indicated that China’s manufacturing activity expanded in June for the first time in six months.
Distilleries gained the most. Kweichow Moutai, a leading producer of high-end liquor in China, gained 4.6 percent to 163.57 yuan. Sichuan Swellfun, a Chengdu-based liquor maker, surged by the daily limit of 10 percent to 7.12 yuan.
Metal producers also advanced. Minsheng Securities said prices of base metals such as aluminum and zinc are expected to rise amid economic recovery. Aluminum Corporation of China rose 2 percent to 3.08 yuan. Rising Nonferrous Metals jumped 7.7 percent to 39.25 yuan.
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