Shares rise as signs of rebound glimpsed
By Ye Zhen |
August 8, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rose for a third straight day yesterday as the market is showing signs of a rebound amid intensifying government support.
The Shanghai Composite Index added 0.13 percent to finish at 2,157.62 points.
The stock market may rebound this month as the index has reached bottom, Cinda Securities said in a report yesterday.
Tang Jun, an analyst at Guangfa Securities, expects market sentiment to improve with more policy stimulus as the government gives priority to economic growth as inflation slows.
Gold miners surged after futures of the metal closed at their highest level in a week in New York on Monday. Zijin Mining Group Co, the nation's largest gold producer, jumped 6.1 percent to 4 yuan (62 US cents). Shandong Gold Mining Co rose 2.9 percent to 34.85 yuan.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co gained among rare earth producers, rising 3 percent to finish at 42.72 yuan, after the government issued new rules to shut down small-scale producers in a move to protect the resources and promote industry restructuring.
Meanwhile, poor company earnings still pose a risk to the market, said Li Yang, vice president of the Chinese Academy of Social Sciences.
It's difficult for companies to improve their performance in the short term due to a high debt ratio, flagging demand and rising labor costs, said Li.
The Shanghai Composite Index added 0.13 percent to finish at 2,157.62 points.
The stock market may rebound this month as the index has reached bottom, Cinda Securities said in a report yesterday.
Tang Jun, an analyst at Guangfa Securities, expects market sentiment to improve with more policy stimulus as the government gives priority to economic growth as inflation slows.
Gold miners surged after futures of the metal closed at their highest level in a week in New York on Monday. Zijin Mining Group Co, the nation's largest gold producer, jumped 6.1 percent to 4 yuan (62 US cents). Shandong Gold Mining Co rose 2.9 percent to 34.85 yuan.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co gained among rare earth producers, rising 3 percent to finish at 42.72 yuan, after the government issued new rules to shut down small-scale producers in a move to protect the resources and promote industry restructuring.
Meanwhile, poor company earnings still pose a risk to the market, said Li Yang, vice president of the Chinese Academy of Social Sciences.
It's difficult for companies to improve their performance in the short term due to a high debt ratio, flagging demand and rising labor costs, said Li.
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