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Shanghai shares higher, led by small-cap firms
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SHANGHAI stocks edged up this morning as small-cap growth stocks gained while cyclical shares dropped amid concerns about economic slowdown.
The key Shanghai Composite Index added 0.31 percent, or 6.41 points, to 2,044.93. Half-day turnover was 35 billion yuan (US$5.7 billion).
“Improving market liquidity helped to stabilize the stock market after the central bank pumped 150 billion yuan through reverse repurchase agreements yesterday and the first batch of initial public offerings ended,” said Hou Yingmin, analyst with Aijian Securities.
“However, the market is expected to trade in a narrow range as investors are less willing to buy and sell before the week-long Spring Festival holiday,” Hou added.
IT shares advanced. Dr.Peng Telecom & Media Group Co Ltd rose 4 percent to 15.97 yuan. Shenzhen Kingdom Technology Co Ltd surged by the daily limit of 10 percent to 24.22 yuan.
Cyclical shares, whose performances relate closely to economic condition, slumped as the HSBC Flash Purchasing Managers’ Index and industrial profit data indicated that the world’s second-largest economy is losing momentum.
Shanxi Lanhua Sci-Tech Venture Co Ltd lost 2.2 percent to 9.16 yuan. Datong Coal Industry Co Ltd slipped 2.6 percent to 4.85 yuan. Yang Quan Coal Industry (Group) Co Ltd fell 1.9 percent to 6.14 yuan.
Shanghai Lonyer Fuels Co Ltd declined 3.1 percent to 9.33 yuan. China Oilfield Services Ltd shed 1 percent to 21.85 yuan.
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