Shanghai stocks rebound
Print Edition
SHANGHAI shares rebounded yesterday from Wednesday’s biggest monthly drop as investors’ confidence warmed ahead of the planned meeting over the country’s next five-year plan.
The Shanghai Composite Index climbed 1.45 percent to 3,368.74 points at the close.
Investors should not be too sensitive about the market’s plunge on Wednesday as the short-term correction is normal and healthy, Industrial Securities Co chief strategist Zhang Yidong said in a report.
Zhang said that in the next one or two quarters, the market would neither be bullish or bearish but would likely see wide fluctuation.
Technology companies rallied, with Northeast University Software Co jumping 10 percent of the daily limit to 17.55 yuan (US$2.76).
“Investors are looking to see if there will be any government support after the tumble,” IG Asia Pte strategist Bernard Aw told Bloomberg News.
China will hold a key meeting from October 26 to 29 to discuss the country’s next five-year plan.
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