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Stocks rebound after slump to lowest this year
By Ye Zhen |
April 16, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks ended higher today, after falling for three consecutive days on speculation the market has been oversold following its recent slump.
The benchmark Shanghai Composite Index rebounded 0.59 percent to settle at 2,194.85 points, after briefly hitting 2,165.78 points, the lowest level this year.
Daily turnover was 67 billion yuan (US$10.8 billion). The index has shrunk 10.2 percent from this year's high on February 18.
"The market is oversold and due for a technical rebound, after falling to the lowest level this year," said Zhang Gang, senior analyst with the Southwest Securities.
Shenyin & Wanguo Securities said the market also gained on expectation that the central government will relax policies after China posted less-than-estimated economic growth for the first quarter.
Property developers led the market up. "Property developers advanced as investors were attracted by their optimistic earnings and low valuations," said Zhang.
Poly Real Estate, China's second largest developer, jumped 6 percent to 12.46 yuan. Gemdale Corporation surged 6.8 percent to 7.42 yuan. China Enterprise Co Ltd leaped by the daily limit of 10 percent to 5.65 yuan.
Insurers also gained after China Insurance Regulatory Commission allowed eligible investors to own stakes in insurers as much as 51 percent, up from the 20-percent ceiling.
China Life Insurance, the country's biggest insurer, rose 2.2 percent to 17.42 yuan. Ping An Insurance Co, China's second largest insurer, increased 2.5 percent to 41.53 yuan. China Pacific Insurance (Group) Co gained 4.3 percent to 19.94 yuan.
The benchmark Shanghai Composite Index rebounded 0.59 percent to settle at 2,194.85 points, after briefly hitting 2,165.78 points, the lowest level this year.
Daily turnover was 67 billion yuan (US$10.8 billion). The index has shrunk 10.2 percent from this year's high on February 18.
"The market is oversold and due for a technical rebound, after falling to the lowest level this year," said Zhang Gang, senior analyst with the Southwest Securities.
Shenyin & Wanguo Securities said the market also gained on expectation that the central government will relax policies after China posted less-than-estimated economic growth for the first quarter.
Property developers led the market up. "Property developers advanced as investors were attracted by their optimistic earnings and low valuations," said Zhang.
Poly Real Estate, China's second largest developer, jumped 6 percent to 12.46 yuan. Gemdale Corporation surged 6.8 percent to 7.42 yuan. China Enterprise Co Ltd leaped by the daily limit of 10 percent to 5.65 yuan.
Insurers also gained after China Insurance Regulatory Commission allowed eligible investors to own stakes in insurers as much as 51 percent, up from the 20-percent ceiling.
China Life Insurance, the country's biggest insurer, rose 2.2 percent to 17.42 yuan. Ping An Insurance Co, China's second largest insurer, increased 2.5 percent to 41.53 yuan. China Pacific Insurance (Group) Co gained 4.3 percent to 19.94 yuan.
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