Shares expected to climb this week
By Wang Yanlin |
June 27, 2011, Monday
|
Print Edition
Print Edition
THE Chinese mainland's stock markets may continue last week's rally in the next five sessions due to a rise in investor confidence and positive earnings estimates for half-year financial reports.
Shanghai's key stock index may move between 2,680 and 2,860 points, and there are good buying opportunities in the property, construction and banking sectors, analysts said.
"Investor sentiment improved after Premier Wen Jiabao's remarks eased concerns about more tightening policies," said Zhang Li, an analyst at Huatai Securities Co. "The affordable home program reported good progress, which may bolster the performance of property related shares."
However, tight liquidity may prevent any rally from becoming very strong, Zhang cautioned. A sluggish global market and sharp movements of oil prices may also weigh on investors.
The Shanghai Composite Index staged its strongest rally in more than four months on Friday after Wen said the government is confident in controlling inflation and sustaining economic growth. He said measures to tame price rises have worked and inflation will drop steadily.
The remarks helped ease worries of an anticipated interest rate increase and sent the benchmark Shanghai stock index up 2.16 percent to 2,746.21 on Friday. The index gained 3.9 percent last week, its largest weekly gain in more than six months.
Qian Qimin, an analyst at Shenyin and Wanguo Securities Co, said good estimates for half-year financial results will help extend the rally.
Shanghai's key stock index may move between 2,680 and 2,860 points, and there are good buying opportunities in the property, construction and banking sectors, analysts said.
"Investor sentiment improved after Premier Wen Jiabao's remarks eased concerns about more tightening policies," said Zhang Li, an analyst at Huatai Securities Co. "The affordable home program reported good progress, which may bolster the performance of property related shares."
However, tight liquidity may prevent any rally from becoming very strong, Zhang cautioned. A sluggish global market and sharp movements of oil prices may also weigh on investors.
The Shanghai Composite Index staged its strongest rally in more than four months on Friday after Wen said the government is confident in controlling inflation and sustaining economic growth. He said measures to tame price rises have worked and inflation will drop steadily.
The remarks helped ease worries of an anticipated interest rate increase and sent the benchmark Shanghai stock index up 2.16 percent to 2,746.21 on Friday. The index gained 3.9 percent last week, its largest weekly gain in more than six months.
Qian Qimin, an analyst at Shenyin and Wanguo Securities Co, said good estimates for half-year financial results will help extend the rally.
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