Stock market ends 3-day losing run
Print Edition
SHANGHAI stocks recorded their first gains in four sessions yesterday, though trading activity remained slow due to investor caution.
The Shanghai Composite Index rose 3.4 percent to 3,789.17 points, halting a three-day, 11 percent plunge.
Turnover totaled 557.5 billion yuan (US$89.8 billion), down from 683.8 billion yuan on Tuesday and far below its April peak of more than 1 trillion yuan.
“Shrinking turnover plus decreasing margin loans indicated that the rise was merely an oversold bounce following deep declines,” Guangzhou Wanlong Securities Consulting Co said in a note yesterday. “Selling pressure remained huge.”
Wang Liying, an analyst with Orient Securities, advised investors to “wait and see.”
The outstanding balance of margin loans fell by 31.9 billion yuan on Tuesday to 887.5 billion yuan, their lowest level since March 17, the Shanghai Stock Exchange said.
In a survey by Guotai Junan Securities, 18 percent of respondents said they thought the Shanghai index was still on an upward trend, down from 70 percent in May.
Meanwhile, the China Securities Depository and Clearing Corp said investors opened 391,500 new trading accounts last week, a fall of 26 percent from the previous week.
Manufacturers led the market up yesterday, with AVIC Aviation Engine Corp and China CSSC Holdings Ltd surging by the daily limit of 10 percent to 58.89 yuan and 41.33 yuan, respectively.
In contrast, the financial sector was weak, with CITIC Securities down 1 percent at 21.97 yuan and the Bank of China falling 0.9 percent to 4.63 yuan.
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