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September 7, 2016

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Shares still rise amid weak sentiment

SHANGHAI shares edged up yesterday as they took their cue from gains made by automakers and environment-related firms but investor sentiment was weak.

The Shanghai Composite Index added 0.61 percent to close at 3,090.71 points.

Anhui Jianghuai Automobile Co surged 7.78 percent to 12.61 yuan (US$1.89). The stock nearly hit the 10-percent daily limit at one point.

Zhejiang Weiming Environment Protection Co jumped by the daily 10-percent limit to 26.38 yuan following gains made by infrastructure and environmental protection-related companies affiliated to China’s public-private partnership program.

“The government seems to want to keep the market above the 3,000 level,” Wei Wei, analyst at Huaxi Securities Co, told Bloomberg News yesterday. “Every time we see the index approach 3,000, there’s always some suspected (national) buying.”

Investors were also waiting for the release of China’s August foreign trade data on Thursday and the consumer price index data on Friday.


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