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Shanghai stocks recover, adding 0.78%
By Ye Zhen |
December 4, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded from a 46-month low today on speculation the market has been oversold after its recent fall.
The key Shanghai Composite Index gained 0.78 percent, or 15.38 points, to close at 1,975.14 points. The daily turnover was 43 billion yuan (US$6.9 billion).
"The market is showing signs of being oversold as bargain-hunters began buying at rock-bottom prices," independent analyst Shen Jianqing wrote on his blog today. "Improving economic conditions also gave a boost to the market," Shen added.
However, Chen Jianzhong, analyst with Minmetals Securities Co, said today's rebound is not likely to sustain as the trading activity remained weak.
People's Bank of China, the central bank, today injected 59 billion yuan into the country's financial system via seven-day reverse repurchase agreements and another 38 billion yuan through 14-day agreements.
Brokerages led the gain among financial stocks. Sinolink Securities Co jumped 6.6 percent to 12.91 yuan. Haitong Securities Co advanced 3.2 percent to 8.15 yuan. Founder Securities Co rose 1.9 percent to 3.73 yuan.
China Life Insurance, the country's biggest insurer, gained 1.5 percent to 18.06 yuan. Ping An Insurance Co, the second largest insurer, climbed 2.1 percent to 37.39 yuan. China Pacific Insurance (Group) Co added 1.9 percent to 17.61 yuan.
The key Shanghai Composite Index gained 0.78 percent, or 15.38 points, to close at 1,975.14 points. The daily turnover was 43 billion yuan (US$6.9 billion).
"The market is showing signs of being oversold as bargain-hunters began buying at rock-bottom prices," independent analyst Shen Jianqing wrote on his blog today. "Improving economic conditions also gave a boost to the market," Shen added.
However, Chen Jianzhong, analyst with Minmetals Securities Co, said today's rebound is not likely to sustain as the trading activity remained weak.
People's Bank of China, the central bank, today injected 59 billion yuan into the country's financial system via seven-day reverse repurchase agreements and another 38 billion yuan through 14-day agreements.
Brokerages led the gain among financial stocks. Sinolink Securities Co jumped 6.6 percent to 12.91 yuan. Haitong Securities Co advanced 3.2 percent to 8.15 yuan. Founder Securities Co rose 1.9 percent to 3.73 yuan.
China Life Insurance, the country's biggest insurer, gained 1.5 percent to 18.06 yuan. Ping An Insurance Co, the second largest insurer, climbed 2.1 percent to 37.39 yuan. China Pacific Insurance (Group) Co added 1.9 percent to 17.61 yuan.
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