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Shanghai shares rebound amid market correction
By Ye Zhen |
June 14, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded from a six-month low today, led by small-cap firms, as the market underwent a correction after eight straight days of losses.
The key Shanghai Composite Index added 13.69 points, or 0.64 percent, to 2,162.04. The index ended the week 2.15 percent lower, the second weekly fall in a row.
"The market is in need of a technical rebound as share prices slumped after the recent selloff," a Hongyuan Securities report said today.
Data from Bloomberg showed the Shanghai Composite Index fell to its lowest level since December 6 yesterday.
Shanghai A-share turnover stood at 68.7 billion yuan (US$11.3 billion) today as market liquidity remained tight with the seven-day repurchase rate, a gauge of interbank funding, up 0.73 percentage points to 6.81 percent.
Media firms gained the most. China South Publishing & Media Group Co surged by the daily limit of 10 percent to 10.10 yuan. BesTV New Media Co rose 3.3 percent to 24.79 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd climbed 5.5 percent to 8.49 yuan.
Environment-related stocks also advanced. Beijing Capital Co, a company specializing in sewage treatment, added 2.5 percent to 7.35 yuan. Tianjin Capital Environmental Protection Co Ltd rose 3 percent to 8.34 yuan.
The key Shanghai Composite Index added 13.69 points, or 0.64 percent, to 2,162.04. The index ended the week 2.15 percent lower, the second weekly fall in a row.
"The market is in need of a technical rebound as share prices slumped after the recent selloff," a Hongyuan Securities report said today.
Data from Bloomberg showed the Shanghai Composite Index fell to its lowest level since December 6 yesterday.
Shanghai A-share turnover stood at 68.7 billion yuan (US$11.3 billion) today as market liquidity remained tight with the seven-day repurchase rate, a gauge of interbank funding, up 0.73 percentage points to 6.81 percent.
Media firms gained the most. China South Publishing & Media Group Co surged by the daily limit of 10 percent to 10.10 yuan. BesTV New Media Co rose 3.3 percent to 24.79 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd climbed 5.5 percent to 8.49 yuan.
Environment-related stocks also advanced. Beijing Capital Co, a company specializing in sewage treatment, added 2.5 percent to 7.35 yuan. Tianjin Capital Environmental Protection Co Ltd rose 3 percent to 8.34 yuan.
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