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Shanghai market rallies 4 days in a row
By Ye Zhen |
March 22, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today as concern about economic recovery eased while uncertainty remained over the reboot of new share listings.
The benchmark Shanghai Composite Index rose four days running, adding 0.17 percent to settle at 2,328.28 points. Daily turnover was 86 billion yuan (US$13.9 billion). The index gained 2.19 percent this week, the first weekly gain in three weeks.
"Concern about the continuity of China's economic rebound has been alleviated after the HSBC Flash China Purchasing Managers' Index posted a significant increase from 50.4 to 51.7 in March," Shen Zhengyan, analyst with Northeast Securities Co, said in a note today. "The stock market is likely to see a new round of growth."
However, Shenyin & Wanguo Securities cautioned that the market is likely to fluctuate in the short term due to new initial public offerings and the policy stance of Xiao Gang, who replaced Guo Shuqing as the head of the China Securities Regulatory Commission.
A total of 847 companies are waiting for IPOs on domestic bourses. An online survey conducted by Sina.com found that 71.3 percent of 12,083 respondents believed the restart of IPO would come earlier after Xiao Gang took the helm of the CSRC.
Paper manufacturers gained on expectation that the costs of imported raw materials will fall as yuan is trading at nearly a 19-year high against the US dollar.
Nanzhi Co surged by the daily limit of 10 percent to 5.30 yuan. Fujian Qingshan Paper Industry Co leaped 6.2 percent to 3.09 yuan. Mudanjiang Hengfeng Paper Co rose 2.8 percent to 6.61 yuan.
PetroChina Co shed 0.4 percent to 8.89 yuan after posting a 13.3 percent decrease in last year's net profit. Sinopec advanced 2.7 percent to 7.72 yuan.
The benchmark Shanghai Composite Index rose four days running, adding 0.17 percent to settle at 2,328.28 points. Daily turnover was 86 billion yuan (US$13.9 billion). The index gained 2.19 percent this week, the first weekly gain in three weeks.
"Concern about the continuity of China's economic rebound has been alleviated after the HSBC Flash China Purchasing Managers' Index posted a significant increase from 50.4 to 51.7 in March," Shen Zhengyan, analyst with Northeast Securities Co, said in a note today. "The stock market is likely to see a new round of growth."
However, Shenyin & Wanguo Securities cautioned that the market is likely to fluctuate in the short term due to new initial public offerings and the policy stance of Xiao Gang, who replaced Guo Shuqing as the head of the China Securities Regulatory Commission.
A total of 847 companies are waiting for IPOs on domestic bourses. An online survey conducted by Sina.com found that 71.3 percent of 12,083 respondents believed the restart of IPO would come earlier after Xiao Gang took the helm of the CSRC.
Paper manufacturers gained on expectation that the costs of imported raw materials will fall as yuan is trading at nearly a 19-year high against the US dollar.
Nanzhi Co surged by the daily limit of 10 percent to 5.30 yuan. Fujian Qingshan Paper Industry Co leaped 6.2 percent to 3.09 yuan. Mudanjiang Hengfeng Paper Co rose 2.8 percent to 6.61 yuan.
PetroChina Co shed 0.4 percent to 8.89 yuan after posting a 13.3 percent decrease in last year's net profit. Sinopec advanced 2.7 percent to 7.72 yuan.
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