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Shares benefit from cyber security rally
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SHANGHAI shares rose yesterday as a rally in cyber security technology companies shrugged off weak industrial profit data in August.
The Shanghai Composite Index closed 0.3 percent higher at 3,100.76 points, erasing a loss of as much as 1.58 percent in the morning session.
The index has lost 28 percent this quarter, heading for its biggest quarterly decline since March 2008.
Shares of cyber security companies jumped after US President Barack Obama reached “a common understanding” with Chinese President Xi Jinping on curbing economic cyber espionage. Pci-Suntek Technology Co surged 7.15 percent to 22.47 yuan (US$3.53).
However, investors were generally cautious in trading ahead of a weeklong National Day holiday from Thursday while below-market-consensus industrial profits also dented sentiment, said Gerry Alfonso, a sales trader at Shenwan Hongyuan Group Co in Shanghai. The profits of industrial companies shed 8.8 percent to 448.1 billion yuan last month from a year earlier, the National Bureau of Statistics said yesterday.
The investigation into “illegal margin debt” still lingered over market sentiment though the China Securities Regulatory Commission said last Friday that 69 percent of non-compliant margin lending accounts had been cleared.
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