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Shanghai shares up 0.84%, rebound from a 5-week low
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SHANGHAI stocks recovered from a five-week low today on a round of technical buying after four days of decline and on the gains of coal producers and insurers.
The benchmark Shanghai Composite Index rose 0.84 percent to 2,020.34, after dipping below 2,000 in intraday trading. Turnover was weak at 56.8 billion yuan (US$9.2 billion).
“The market gained on technical rebound but the trading volume was weak due to the factor of upcoming holiday,” said Shenyin & Wanguo Securities.
The broker said the market was lifted by small-cap shares that suffered big losses in previous sessions, but it would take time for investors to regain risk appetite as concerns over initial public offerings remain.
A total of 144 companies have disclosed their IPO prospectuses and the China Securities Regulatory Commission said it will review IPO applications of four companies starting tomorrow.
Datong Coal Industry Co Ltd jumped by the daily limit of 10 percent to 4.50 yuan after posting a 447 percent surge in first-quarter profit. Guizhou Panjiang Refined Coal Co Ltd also soared 10 percent to 7.04 yuan.
Ping An Insurance rose 2.63 percent to 39.09 yuan after the country’s second-largest insurer said its earnings increased 46 percent year on year in the first quarter.
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