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Shares rise as holiday approaches
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SHANGHAI stocks closed up yesterday as market sentiment was boosted by the approaching National Day holiday and an improving macro-economic environment.
The Shanghai Composite Index edged up 0.27 percent to close at 3,366.00 points.
Shares of non-ferrous metals, consumer, tourism, coal and steel producers were among the biggest gainers yesterday.
Consumer and tourism shares added 0.83 percent and 0.79 percent respectively today, as analysts said the market sentiment is likely to remain positive with the approach of the National Day holiday and the Mid-Autumn Festival.
Gao Ting, head of China strategy at UBS Securities, wrote in a report that there is a positive environment for Chinese equities in the consumer sector.
“I am bullish on several consumer-related sectors, including dairy, furniture, home appliances and duty free,” Gao added.
Investors are also optimistic on China’s improving macro-economic environment.
Chinese business leaders are positive for the next six months and large firms are relatively more optimistic, according to a latest report published by UBS Securities yesterday.
The report also mentioned that “high business confidence and capex intentions could help manufacturing investment stabilize in the second half of this year, in particular for research and development and equipment upgrading.”
Xinyu Iron&Steel Co Ltd rose 5.23 percent to end at 6.24 yuan (US$0.96), Jiangsu King’s Luck Brewery Joint–Stock Co Ltd added 4.02 percent to close at 16.58 yuan and China International Travel Service Co Ltd climbed 2.74 percent to finish at 34.11 yuan.
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