Stocks close down for 5th straight week
Print Edition
SHANGHAI stocks rose for the first time in four days yesterday, supported by electronic and technology companies, though the tepid trading activity suggested investor sentiment remained bearish.
The Shanghai Composite Index closed up 0.7 percent on the day, though down 0.1 percent on the week at 2,825.48 points. The weekly decline was the fifth in a row, making it the longest losing run since 2012.
Yesterday’s gains were partly driven by media reports that China’s top securities regulator had cut the number of companies it will approve for initial public offerings to four per week from six. The move was apparently made to ease market concerns of a glut of listings.
Hangzhou Silan Microelectronics Co rose by the daily limit of 10 percent to 6.66 yuan (US$1.02), while INESA Electron Co added 5.3 percent to 9.75 yuan.
Despite some optimism, many analysts remained pessimistic.
“Sluggish trading turnover indicated the rebound is unlikely to be sustained,” Guangzhou Wanlong Securities Consulting Co said in a report.
According to their own data, the outstanding balance of margin loans on the Shanghai and Shenzhen exchanges was 826 billion yuan on Thursday, its lowest level since November 2014.
Also yesterday, Hundsun Technologies, which is developing a system that will provide a trading link between the Shenzhen and Hong Kong stock exchanges, said its technology had undergone testing.
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