Related News
Shanghai market rally snaps 9-day losing streak
Online Edition
Shanghai stocks rallied today from a four-month low, led by heavily-weighted banks and drug makers, but analysts said it remains to be seen whether the rebound can be sustained.
The Shanghai Composite Index slumped 5.07 percent last week, the biggest weekly loss in more than two years, amid soaring money-market rates in China’s worst cash crunch since June.
The benchmark added 4.91 points, or 0.24 percent, to 2,089.71 at the trading close, snapping a nine-day losing streak.
“Financial counters led the rally, but not significantly,” Shenyin & Wanguo Securities strategists said in a note. “It remains to be seen where the rebound will hold.”
China Construction Bank Corp gained 5.30 percent to 4.17 yuan (US$0.69) after slumping 6.16 percent on Friday, while China CITIC Bank jumped 5.59 percent to 3.78 yuan after tumbling 8.67 percent in the previous session.
The sell-off of bank shares in late Friday was due to the portfolio adjustments by some foreign institutional investors following the adjustments of component stocks and their weightings in some foreign indexes for Chinese stocks, the Shanghai Stock Exchange said on Sunday.
Pharmaceutical stocks gained on expectations that a bird flu outbreak will boost medical demand. Beijing Tiantan Biological Products Corp and North China Pharmaceutical Co both jumped by the 10 percent daily limit.
China cordoned off a farm in Hebei Province last week after a bird flu outbreak. About 125,700 chickens were culled to prevent the spread of the disease, authorities announced on Sunday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
