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Stocks close at a 2-week high
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SHANGHAI stocks rallied for five days in a row to close at two-week high today, spearheaded by nonferrous metal producers and blue-chip companies on optimism over policies and higher corporate earnings in the new lunar year, analysts said.
The Shanghai Composite Index added 0.31 percent to 3,159.17 points before the week-long market closure during the Spring Festival.
Nonferrous metal sector led the growth with the whole sector gaining 3.03 percent, as boosted by the industrial upgrading policy in this sector, unveiled today by the Ministry of Industry and Information Technology.
Xu Lejiang, vice director of the ministry, said China has “a favorable basis” on the nonferrous metal development, which would “bolster the implementation of ‘Made in China 2025’,” top guidance on China’s industry development over the coming years.
Shanghai-listed nonferrous metal manufacturers Jiangxi Copper Co and Rising Nonferrous Metals Share Co jumped by the daily limit of 10 percent to close at 20.78 yuan (US$3) and 44.10 yuan respectively.
“Investors are bullish about the upcoming market momentums supported by the policies,” Zhang Qi, an analyst at Haitong Securities, said.
Apart from the industrial policies, “investors also expect opportunities to come after the market suspension, as most of the listed companies will unveil annual reports soon,” Zhang said.
Blue-chip companies such as banks were also preferred by the domestic investors, given the sector rose 0.91 percent today, as “investors expect good performance results of these companies, which encouraged them to put funds in the market before the it resumes,” Zhang said.
The lifting investment sentiment has bolstered fund inflow in the mainland market, which posted a net inflow of 45.6 billion yuan last week, reported the China Securities Investors Protection Fund Corporation.
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