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Shanghai stocks near 8-month high on strong turnover
By Ye Zhen |
January 15, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rose for a second day to a nearly eight-month high as market sentiment improved amid recovering corporate profitability and high expectations for government reforms.
The benchmark Shanghai Composite Index increased 0.6 percent to 2,325.68 points, the highest close since May 25. Daily turnover soared to a 10-month high of 141 billion yuan (US$22.7 billion).
"The expectation over the market outlook has improved as corporate profitability is restoring with a stabilizing economy," Industrial Securities said in a report. "Downward risk to market valuation has also waned after a more than three-year adjustment since 2009."
Meanwhile, the government's clear signal to push forward reforms help to ease concern about China's long-term economic growth and improve investors' appetite for risk, the broker said.
UBS Investment Research said in a report yesterday that China's stock market is seeing its three-year bearish trend coming to an end with the drop in market valuation stabilizing and corporate earnings picking up thanks to economic recovery and capital market reforms.
Environment-related stock led the gainers after Vice Premier Li Keqiang called for strengthened efforts in environmental protection. Beijing Capital Co, a company specializing in sewage treatment, advanced 5.2 percent to 4.64 yuan. Tianjin Capital Environmental Protection Group leaped by the daily limit of 10 percent to 5.36 yuan.
Agriculture-related shares also advanced. Heilongjiang Agriculture Co jumped 4 percent to 8.36 yuan. Guangxi Fenglin Wood Industry Group Co surged 6.3 percent to 7.92 yuan.
The benchmark Shanghai Composite Index increased 0.6 percent to 2,325.68 points, the highest close since May 25. Daily turnover soared to a 10-month high of 141 billion yuan (US$22.7 billion).
"The expectation over the market outlook has improved as corporate profitability is restoring with a stabilizing economy," Industrial Securities said in a report. "Downward risk to market valuation has also waned after a more than three-year adjustment since 2009."
Meanwhile, the government's clear signal to push forward reforms help to ease concern about China's long-term economic growth and improve investors' appetite for risk, the broker said.
UBS Investment Research said in a report yesterday that China's stock market is seeing its three-year bearish trend coming to an end with the drop in market valuation stabilizing and corporate earnings picking up thanks to economic recovery and capital market reforms.
Environment-related stock led the gainers after Vice Premier Li Keqiang called for strengthened efforts in environmental protection. Beijing Capital Co, a company specializing in sewage treatment, advanced 5.2 percent to 4.64 yuan. Tianjin Capital Environmental Protection Group leaped by the daily limit of 10 percent to 5.36 yuan.
Agriculture-related shares also advanced. Heilongjiang Agriculture Co jumped 4 percent to 8.36 yuan. Guangxi Fenglin Wood Industry Group Co surged 6.3 percent to 7.92 yuan.
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