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Shanghai index edges higher in morning trading
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SHANGHAI stocks eked out a small gain in morning trading as distilleries and materials producers advanced.
The benchmark Shanghai Composite Index added 0.14 percent, or 2.84 points, to 2,010.96. Half-day turnover was 25 billion yuan (US$4 billion).
“The market is having an oversold rebound and the fundaments remained poor,” said analysts with Haitong Securities, adding that investors are worrying about tight liquidity toward the end of the month as companies are due to pay taxes.
The market rebounded slightly from a three-week low yesterday as the concern about a glut of new shares eased after China’s top securities regulator said it would limit the number of initial public offerings to around 100 in the second half of the year.
Coal, metal and cement producers were among the winners. Datong Coal Industry jumped 8.7 percent to 6.13 yuan. Sino-Platinum Metals gained 3.7 percent to 19.26 yuan. Xinjiang Qingsong Building Materials and Chemicals rose 2.3 percent to 5.24 yuan.
Distilleries also advanced. Kweichow Moutai climbed 2.4 percent to 148.39 yuan. Shanxi Xinghuacun Fen Wine Factory added 0.7 percent to 13.86 yuan.
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