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Shanghai index up 0.84% as coal and software shares surge
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SHANGHAI stocks gained today as coal producers and software companies surged and a rebound of oversold shares also boosted to the market.
The benchmark Shanghai Composite Index rose 0.84 percent to 2,024.95 points. Turnover was 48.4 billion yuan (US$7.7 billion) today.
“The market is having an oversold rebound but the fundaments remain poor,” said analysts with Haitong Securities, adding that investors are worrying about tight liquidity toward the end of the month when companies are due to pay taxes.
The market rebounded slightly from a three-week low yesterday as concerns 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.
Coal producers gained the most after China and Russia pledged to enhance cooperation in a wide range of areas, including coal mines in Russia.
The surge in coal stocks also came after the National Development and Reform Commission said it plans to establish two to three national markets for coal trading.
Datong Coal Industry soared by the daily limit of 10 percent to 6.20 yuan. Shanxi Coal International Energy Group increased 5.5 percent to 4.04 yuan.
Software companies also rallied after the Chinese government banned the use of Microsoft Windows 8 in their offices. China National Software & Service jumped 10 percent to 15.71 yuan. Inspur Software also leaped by the daily limit of 10 percent to 13.76 yuan.
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