Stocks rise as players shrug off failed bid
Print Edition
SHANGHAI shares rose yesterday despite MSCI’s decision to keep mainland-listed shares out of its key emerging markets index.
The Shanghai Composite index added 1.58 percent to close at 2,887.21 points, boosted by strong performance of lithium battery companies.
All main sectors in China rose yesterday, with small-cap companies leading the gains.
Lithium battery manufacturers were among the stronger shares with both Lanzhou Great Wall Electrical Co and Zhejiang Golden Eagle Co jumping by the daily limit of 10 percent.
“A shares continue to attract international capital despite MSCI keeping out A shares from the emerging markets index,” Southwest Securities Co wrote in a research report.
Nomura Securities’ analyst Wendy Liu said in a note: “We see continuing downward pressure on Chinese stock markets through the third quarter this year, as investors shift their focus to weaker macro data, but we do not anticipate new lows in the summer months.”
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