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Shares recover but cautious view urged
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SHANGHAI stocks recovered some losses yesterday after falling for four consecutive days, helped by a technical rebound and falling money rates, but analysts were cautious about the short-term outlook.
The Shanghai Composite Index added 0.35 percent to 2,041.25.
The index sank more than 5 percent over the previous four trading days as investors feared tighter credit in the property sector and a capital flight after the yuan fell to a six-month low against the US dollar.
Besides the technical rebound, the market was buoyed by falling funding costs although the central bank drained liquidity on Tuesday. The seven-day Shanghai Interbank Offered Rate, a gauge of funding availability, fell 20.6 basis points to 3.07 percent in Shanghai, data from the National Interbank Funding Center showed. The rate was the lowest since March 14.
But analysts urged caution over the short-term outlook.
“We have turned bearish as investors ... are now shifting focus to macro issues such as credit risks and economic downturn,” Wang Sheng, analyst with Shenyin Wanguo Securities, said in a note.
Gold stocks led the advance after bullion prices rose to a 17-week high amid doubts over the US economy. Shandong Gold Mining Co surged by the daily limit of 10 percent to 18.24 yuan (US$2.98). Zhongjin Gold Corp jumped 8.9 percent to 8.85 yuan.
Cement producers recovered after several Chinese banks denied suspending property-related loans.
Fujian Cement Inc jumped 5.4 percent to 6.79 yuan, and Gansu Qilianshan Cement Group Co gained 1.1 percent to close at 6.36 yuan.
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