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Shanghai shares higher after a long holiday break
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Shanghai stocks gained on the first trading day after a weeklong Chinese New Year holiday as small-cap technology firms rallied and boosted investor sentiment that had been dampened by weak economic data.
The Shanghai Composite Index edged up 0.56 percent to 2,044.52 points, while ChiNext, China’s Nasdaq-style board for growth enterprises, reached a record high today.
Analysts took the ChiNext rally as the sign of a bull market. However, CITIC Securities Co projected that the Shanghai Composite will hover between 1,900 and 2,500 points this year, given a slowdown in economic growth and corporate earnings, potential credit risk and liquidity pressure.
The gains of telecom and software companies offset the losses of financial firms.
China United Network Communications rose 1 percent to 3.03 yuan (US$0.5). China Spacesat Co surged 7.9 percent to 20.57 yuan. Wuhan Yangtze Communication Industry Group Co gained 3 percent to 13.86 yuan. Eastern Communications Co added 0.6 percent to 6.66 yuan.
China’s service sector expanded at the slowest pace in 29 months in January, according to data compiled by HSBC and Markit. The official manufacturing Purchase Managers’ Index dropped again in January to 50.5, from 51 in December, while the official service PMI slipped for a third straight month.
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