Sluggish week for key index
By Cherry Cao |
May 23, 2011, Monday
|
Print Edition
Print Edition
THERE may be opportunities for a technical rebound in the Shanghai stock market in the short term but transactions this week are likely to be sluggish as investors adopt a wait-and-see stance, according to analysts.
The Shanghai Composite Index lost 0.4 percent to close last week at 2,858.46 points, with turnover shrinking to the lowest in four months last Friday at 84 billion yuan (US$12.9 billion), as investors were extremely cautious.
"There are opportunities for a technical rebound in the short term as the market is seen to stabilize because investors are not expecting negative news," said Qian Qimin, an analyst at Shenyin & Wanguo Securities Co. "However, it could probably be a rather weak gain as transactions will likely remain slack in the short term due to a prevalent 'wait-and-see' stance."
Qian estimated the gauge at between 2,840 and 2,940 points this week.
Southwest Securities Co suggested in a note that the market may improve gradually from now onwards after investor sentiment for trading hit a four-month low. It forecast the index may climb up to 2,900 points this week.
The Shanghai Composite Index lost 0.4 percent to close last week at 2,858.46 points, with turnover shrinking to the lowest in four months last Friday at 84 billion yuan (US$12.9 billion), as investors were extremely cautious.
"There are opportunities for a technical rebound in the short term as the market is seen to stabilize because investors are not expecting negative news," said Qian Qimin, an analyst at Shenyin & Wanguo Securities Co. "However, it could probably be a rather weak gain as transactions will likely remain slack in the short term due to a prevalent 'wait-and-see' stance."
Qian estimated the gauge at between 2,840 and 2,940 points this week.
Southwest Securities Co suggested in a note that the market may improve gradually from now onwards after investor sentiment for trading hit a four-month low. It forecast the index may climb up to 2,900 points this week.
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