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Shanghai index recovers 2,800 points
By Lydia Chen |
February 10, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI stock market staged a strong rebound today with the key index bouncing back onto the 2,800-point mark on a broad rally led by auto makers and agriculture shares.
The Shanghai Composite Index jumped 1.59 percent to 2,818.16, the highest since January 14. Turnover expanded to 117.15 billion yuan(US$17.80 billion) from yesterday's 104.84 billion yuan.
Auto makers and biological medicine makers were among the gainers, recovering from previous long-streak losses.
Jointown Pharmaceutical Group Co Ltd rose by the daily cap of 10 percent to 14.47 yuan. Shanghai-based SAIC Motor Corp also hiked 10 percent to 18.37 yuan.
Auto makers were overweighed by Chen Kaiwei, an analyst with Changjiang Securities, who favored car makers, home appliance and chemical producers because of their low valuations and encouraging earning prospects.
"These second-tier blue chips are now ideal picks when investors feel uncertain about prospects of big-caps such banks and developers under the country's frequent tightening policies," he said.
Agriculture and Internet-related shares were buoyed thanks to government's preferential policies. Zhejiang Qianjiang Biochem, which makes agricultural chemicals, and Zhejiang Gangtai Holding Group Co, a networking products maker, were the best performers today with a 10 percent rise.
Premier Wen Jiabao led a Cabinet meeting yesterday on increasing grain production amid the country's worst drought in 200 years. The country yesterday also pledged 31 new supporting measures, including tax deduction and incentives on research and development programs, to boost software and Internet industries.
The cross board rally, the biggest daily index gain in nearly two weeks, inspired analysts to lift their anticipations for the market performance in the first quarter.
"The index could rush up to 3,000-point mark by the end of the first quarter as concerns over high inflation have already been digested in the market's previous losses," Chen said.
There won't be another interest rate hike in a short term while liquidity is relatively stable in the market in the first quarter, he explained.
The Shanghai Composite Index jumped 1.59 percent to 2,818.16, the highest since January 14. Turnover expanded to 117.15 billion yuan(US$17.80 billion) from yesterday's 104.84 billion yuan.
Auto makers and biological medicine makers were among the gainers, recovering from previous long-streak losses.
Jointown Pharmaceutical Group Co Ltd rose by the daily cap of 10 percent to 14.47 yuan. Shanghai-based SAIC Motor Corp also hiked 10 percent to 18.37 yuan.
Auto makers were overweighed by Chen Kaiwei, an analyst with Changjiang Securities, who favored car makers, home appliance and chemical producers because of their low valuations and encouraging earning prospects.
"These second-tier blue chips are now ideal picks when investors feel uncertain about prospects of big-caps such banks and developers under the country's frequent tightening policies," he said.
Agriculture and Internet-related shares were buoyed thanks to government's preferential policies. Zhejiang Qianjiang Biochem, which makes agricultural chemicals, and Zhejiang Gangtai Holding Group Co, a networking products maker, were the best performers today with a 10 percent rise.
Premier Wen Jiabao led a Cabinet meeting yesterday on increasing grain production amid the country's worst drought in 200 years. The country yesterday also pledged 31 new supporting measures, including tax deduction and incentives on research and development programs, to boost software and Internet industries.
The cross board rally, the biggest daily index gain in nearly two weeks, inspired analysts to lift their anticipations for the market performance in the first quarter.
"The index could rush up to 3,000-point mark by the end of the first quarter as concerns over high inflation have already been digested in the market's previous losses," Chen said.
There won't be another interest rate hike in a short term while liquidity is relatively stable in the market in the first quarter, he explained.
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