Shares ride rally on ChiNext
Print Edition
Shanghai stocks edged up yesterday on the first trading day after a weeklong Chinese New Year holiday as the market rode on the rally on the ChiNext board in Shenzhen.
The Shanghai Composite Index added 0.56 percent to 2,044.52 points, while the ChiNext board for high-growth and high-tech startups hit a record high.
Analysts saw the rally for telecommunication companies and software developers on the ChiNext board as a bullish sign for the market. However, Citic Securities Co said it expected the Shanghai key index to range from 1,900 to 2,500 points this year due to a slowing economic growth and company earnings, potential credit risk as well as liquidity pressure.
China United Network Communications jumped 1 percent in Shanghai to 3.03 yuan (50 US cents). China Spacesat Co soared 7.9 percent to 20.57 yuan while Wuhan Yangtze Communication Industry Group Co gained 3 percent to 13.86 yuan and Eastern Communication Co rose 0.6 percent to 6.66 yuan.
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