Stocks rebound despite low turnover
Print Edition
Shanghai shares rebounded from a four-week low yesterday, despite a dip in turnover and as several brokerages halted their short selling services following a tightening of rules governing such trades.
The Shanghai Composite Index closed up 3.7 percent at 3,756.55, bringing to an end three days of losses.
Despite the uptick, turnover on the day was 36 percent lower than the 30-day average at 464 billion yuan (US$74.7 billion).
“The market is still very volatile. Investors are taking a cautious approach as they wait to see what the government does next,” said Patrick Yiu, a director of Cash Asset Management Co.
The aviation sector led the gains, with Avic Electromechanical Systems Co and Avic Aviation Engine Corp both rising by the 10 percent daily limit to 29.40 yuan and 53.11 yuan, respectively.
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