Shanghai market to stay quiet for holiday
By Cathy Ding |
January 31, 2011, Monday
|
Print Edition
Print Edition
THE Shanghai stock market is not likely to see strong performances on the last two trading days before the Spring Festival holiday with trading remaining relatively flat.
The benchmark Shanghai index rose a collective 1.4 percent last week to 2,752.75.
Both the Shanghai and Shenzhen bourses will be closed from February 2 until February 9.
"Retail prices may rise during the holiday season and the recent snowy weather may also push up January's Consumer Price Index, which may lead to possible interest rate rises in late February," Huaan Securities wrote in a research note.
Market watchers say that how the domestic macroeconomic policy goes will depend on the performance of the stock market after the Spring Festival break.
"Market sentiment still remains uncertain at the beginning of the year as there might be more tightening measures in the next few months," Hunan Securities said.
Shanghai has announced a property tax on residential properties purchased from January 28 by local families who already have one or more homes, with the rate at either 0.6 percent or 0.4 percent.
"Capital in the stock market is rather affluent these days and some speculators will also turn to the stock market after new rules are introduced to curb the property market," Everbright Securities' analyst Zeng Xianzhao said.
He projected the index to stay between 2,680 to 2,850 over the next two days.
The benchmark Shanghai index rose a collective 1.4 percent last week to 2,752.75.
Both the Shanghai and Shenzhen bourses will be closed from February 2 until February 9.
"Retail prices may rise during the holiday season and the recent snowy weather may also push up January's Consumer Price Index, which may lead to possible interest rate rises in late February," Huaan Securities wrote in a research note.
Market watchers say that how the domestic macroeconomic policy goes will depend on the performance of the stock market after the Spring Festival break.
"Market sentiment still remains uncertain at the beginning of the year as there might be more tightening measures in the next few months," Hunan Securities said.
Shanghai has announced a property tax on residential properties purchased from January 28 by local families who already have one or more homes, with the rate at either 0.6 percent or 0.4 percent.
"Capital in the stock market is rather affluent these days and some speculators will also turn to the stock market after new rules are introduced to curb the property market," Everbright Securities' analyst Zeng Xianzhao said.
He projected the index to stay between 2,680 to 2,850 over the next two days.
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