Shares rise on small caps and sentiment
By Feng Jianmin and Pan Xiaoyi |
July 8, 2010, Thursday
|
Print Edition
Print Edition
THE return of investor confidence and a strong performance by small-capitalized firms helped lift Shanghai stocks slightly at the close yesterday.
The Shanghai Composite Index gained 0.49 percent, or 11.69 points, to close at 2,421.12. Turnover stood at 52.5 billion yuan (US$7.7 billion), slightly lower than 55.6 billion yuan on Tuesday.
The Securities Times reported that the social insurance fund of China had invested 2 billion yuan into the A shares market and this boosted investor confidence that the bottom has been reached, analysts said.
"Bargain hunters are looking for favorable factors while market sentiment has recovered a little as the bottom has been reached," said Yang Jianbo, an analyst at Sinolink Securities Co.
But he cautioned against expecting the market to rebound significantly.
Tibet and Xinjiang-related stocks led gainers among small- and medium-sized firms after Premier Wen Jiabao disclosed the central government's plan to develop west China in the next 10 years. Measures included reducing tax on income of corporations in certain industries and levying a resource tax on coal, oil, and gas based on prices.
Tibet Urban Development and Investment Co climbed 3.38 percent to 8.88 yuan. Tibet Rhodiola Pharmaceutical Holding Co grew 2.76 percent to 10.79 yuan. Xinjiang West Construction Co jumped the 10 percent daily limit to 19.09 yuan.
The Shanghai Composite Index gained 0.49 percent, or 11.69 points, to close at 2,421.12. Turnover stood at 52.5 billion yuan (US$7.7 billion), slightly lower than 55.6 billion yuan on Tuesday.
The Securities Times reported that the social insurance fund of China had invested 2 billion yuan into the A shares market and this boosted investor confidence that the bottom has been reached, analysts said.
"Bargain hunters are looking for favorable factors while market sentiment has recovered a little as the bottom has been reached," said Yang Jianbo, an analyst at Sinolink Securities Co.
But he cautioned against expecting the market to rebound significantly.
Tibet and Xinjiang-related stocks led gainers among small- and medium-sized firms after Premier Wen Jiabao disclosed the central government's plan to develop west China in the next 10 years. Measures included reducing tax on income of corporations in certain industries and levying a resource tax on coal, oil, and gas based on prices.
Tibet Urban Development and Investment Co climbed 3.38 percent to 8.88 yuan. Tibet Rhodiola Pharmaceutical Holding Co grew 2.76 percent to 10.79 yuan. Xinjiang West Construction Co jumped the 10 percent daily limit to 19.09 yuan.
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