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Shanghai index rises 1st in three days
By Lydia Chen |
January 26, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S shares rose for the first time in three days, with the benchmark index jumping back above the 2,700-point mark amid speculation that the previous losses might have been excessive.
But analysts downplayed the gain, saying the market prospects are still gloomy.
The Shanghai Composite Index added 1.17 percent to rebound from a four-month-low to 2,708.81. Despite the gain, turnover continued to fall to 67.3 billion (US$ 10.23 billion) from yesterday's 75.58 billion.
The shrinking turnover was a sign reflecting investors' worry over the market which has already lost 4.12 percent so far this year following a 14.3 percent tumble in 2010, said Chen Kaiwei, an analyst with Changjiang Securities.
Shares in irrigation works and water conservancy sectors were the best performers today, buoyed by a regulation that details fund sources for the country's irrigation infrastructures in the next 10 years.
Chongqing Three Gorges Water Conservancy & Electric Power Co and Qiangjiang Water Resources Development Co were the best performers with a daily cap of 10 percent rise. Anhui Water Resources Development Co hiked 8.13 percent to 17.03 yuan.
But analysts downplayed the gain, saying the market prospects are still gloomy.
The Shanghai Composite Index added 1.17 percent to rebound from a four-month-low to 2,708.81. Despite the gain, turnover continued to fall to 67.3 billion (US$ 10.23 billion) from yesterday's 75.58 billion.
The shrinking turnover was a sign reflecting investors' worry over the market which has already lost 4.12 percent so far this year following a 14.3 percent tumble in 2010, said Chen Kaiwei, an analyst with Changjiang Securities.
Shares in irrigation works and water conservancy sectors were the best performers today, buoyed by a regulation that details fund sources for the country's irrigation infrastructures in the next 10 years.
Chongqing Three Gorges Water Conservancy & Electric Power Co and Qiangjiang Water Resources Development Co were the best performers with a daily cap of 10 percent rise. Anhui Water Resources Development Co hiked 8.13 percent to 17.03 yuan.
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