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Shanghai's key index seen to fluctuate

SHANGHAI'S benchmark stock index is expected to fluctuate this week while turnover should continue shrinking, analysts said.

They do not expect any major policy announcements to be made any time soon especially after China's legislature wrapped up its annual meeting last week and economic statistics for February were released.

The Shanghai Composite Index is expected to remain within 2,050 and 2,200 points this week, according to a research note by Shenyin & Wanguo Securities.

"The overall economic situation is still not clear and we suggest investors remain cautious before there is a clear sign of an economic recovery," according to a separate note by Galaxy Securities.

The barometer declined 2.93 percent to close at 2,128.85 last week.

A total of 2.26 billion non-tradable shares from 27 domestic listed companies will be made tradable this week, down 33.14 percent from the previous month but the market is facing less pressure, the analysts said.

They said the market may be also reassured by Premier Wen Jiabao's remark at a press conference in Beijing on Friday.

"China is fully able to add new measures to its 4-trillion-yuan stimulus package against any fallout from the economic downturn," Wen said. He added although it may be hard for China to grow 8 percent this year, he is hopeful it could be done.


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