Shanghai ends up as lenders, brokerages gain
Print Edition
SHANGHAI stocks eked out a small gain yesterday, extending a winning streak to four days, after Premier Li Keqiang reiterated that China’s economy isn’t set for a hard landing.
The benchmark Shanghai Composite Index added 0.21 percent to 2,870.43 points by the close.
Li said China would continue with reforms in the financial sector and of financial regulation.
Large-cap lenders continued to lift the market despite declines in most shares.
Shanghai Pudong Development Bank surged 5.9 percent to 18.03 yuan (US$2.76). China Merchants Bank advanced 3.5 percent to 16.42 yuan.
Brokerages gained over reports of the Shenzhen-Hong Kong Stock Connect. Haitong Securities rose 2.1 percent to 13.64 yuan while Sinolink Securities added 1.4 percent to 12.51 yuan.
Despite the continuous gains, shrinking trading turnover indicated tepid market sentiment and analysts took a dim view of market outlook.
“As the ‘Two Sessions’ closed, there are concerns that the state-backed funds will no longer step in to lift the market. The market is crippled by growing cautious sentiment among investors,” said Zhao Yang, analyst of Everbright Securities.
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