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Shanghai market rally snaps 9-day losing streak
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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.
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