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Shanghai shares up 0.35% in technical rebound
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SHANGHAI stocks recovered some losses today after declining for four consecutive days, helped by a technical rebound and falling money rates.
The key Shanghai Composite Index added 0.35 percent, or 7.03 points, to 2,041.25. Turnover was 96.1 billion yuan (US$15.8 billion) at the trading close.
Analysts said the market is under a technical rebound after dramatic falls in the past few days.
The Shanghai Composite sank more than 5 percent in the past four trading days, dogged by fears of a credit tightening in the real estate sector and capital flight after the Chinese yuan fell to a six-month low against the US dollar.
The market also got a support from falling funding costs although the central bank drained liquidity yesterday. The seven-day Shanghai Interbank Offered Rate, a gauge of funding availability, fell 20.60 basis points to 3.07 percent in Shanghai, data from the National Interbank Funding Center showed. The rate was the lowest since March 14, 2013.
However, analysts are hardly optimistic about the short-term outlook.
“We have turned bearish as investors who were keen on themed investment are now shifting focus to macro issues such as credit risks and economic downturn,” Wang Sheng, an analyst with Shenyin & Wanguo Securities, said in a note today.
Gold stocks led the advance after gold prices rose to a 17-week high amid doubts over the US economy. Shandong Gold Mining Co Ltd surged by the daily limit of 10 percent to 18.24 yuan. Zhongjin Gold Corp Ltd jumped 8.9 percent to 8.85 yuan. Zijin Mining Group, one of the largest gold producers in China, gained 4.7 percent to 2.43 yuan.
Cement producers who took a hit from speculations about a credit crunch in the real estate sector recovered after several Chinese banks denied suspending property-related loans.
Fujian Cement Inc climbed 5.4 percent to 6.79 yuan. Gansu Qilianshan Cement Group Co Ltd gained 1.1 percent to 6.36 yuan.
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