Shanghai shares climb for third day
By Staff Reporter |
August 13, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI shares yesterday rose for a third straight day with investors piling into consumer plays as defensive investments following a week of intensified volatility stemming from the debt crisis in Europe and the United States.
The Shanghai Composite Index added 0.5 percent to close at 2,593.17. It lost 1.3 percent this week, the fourth straight weekly decline.
Consumer-related shares, including clothing and liquor makers, were among the most sought after stocks yesterday.
Kweichow Moutai Co, a premium liquor maker and classified as a consumer staple by the Shanghai exchange, gained 1 percent to 216.77 yuan. Huafang Textile Co and Fujian Fynex Textile Science and Technology Co both jumped the daily limit of 10 percent.
China's insurance sector reportedly invested 10 billion yuan (US$1.57 billion) in Chinese mainland stock markets this week to boost sentiment, according to China Securities Journal.
In an earlier report, China's massive pension fund was also said to have moved up to 10 billion yuan to stabilize the market after the Shanghai benchmark index dropped nearly 100 points to a intraday low of 2,437 on Tuesday amid a global stock rout.
"The market will rebound from that 2,437, a level that would be the bottom if seen from a medium term," said Kang Hongtao, an analyst with Guoyuan Securities.
Analysts of Shenyin and Wanguo Securities agreed there would be a rebound due to low share valuations.
The Shanghai Composite Index added 0.5 percent to close at 2,593.17. It lost 1.3 percent this week, the fourth straight weekly decline.
Consumer-related shares, including clothing and liquor makers, were among the most sought after stocks yesterday.
Kweichow Moutai Co, a premium liquor maker and classified as a consumer staple by the Shanghai exchange, gained 1 percent to 216.77 yuan. Huafang Textile Co and Fujian Fynex Textile Science and Technology Co both jumped the daily limit of 10 percent.
China's insurance sector reportedly invested 10 billion yuan (US$1.57 billion) in Chinese mainland stock markets this week to boost sentiment, according to China Securities Journal.
In an earlier report, China's massive pension fund was also said to have moved up to 10 billion yuan to stabilize the market after the Shanghai benchmark index dropped nearly 100 points to a intraday low of 2,437 on Tuesday amid a global stock rout.
"The market will rebound from that 2,437, a level that would be the bottom if seen from a medium term," said Kang Hongtao, an analyst with Guoyuan Securities.
Analysts of Shenyin and Wanguo Securities agreed there would be a rebound due to low share valuations.
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