Stocks rise on bargain-hunting
By Lydia Chen |
June 4, 2011, Saturday
|
Print Edition
Print Edition
BARGAIN-HUNTING yesterday lifted the Shanghai stock market from a four-month low.
The Shanghai Composite Index rallied 0.8 percent to 2,728.02, after the benchmark fell to the lowest level since January 25 on Thursday. The gauge edged up 0.7 percent this week, the biggest gain in about two months.
The key index has plunged 11 percent from this year's high on April 18 on concerns that growth in the world's second-largest economy is slowing after the central bank raised the reserve-requirement ratio for banks 11 times and boosted interest rates four times to cool inflation.
A drop of more than 10 percent was a signal to some investors that the market has entered a correction.
Shares rose across the board as players lapped up beaten-down stocks, particularly those from the auto sector.
SAIC Motor Corp climbed 2.7 percent, the most since April 29, to 17.44 yuan, and Beiqi Foton Motor Co added 1 percent to 8.78 yuan after the China Automotive Technology and Research Center reported China's passenger car sales rose 25 percent to 885,800 units in May from a year earlier.
Chinese mainland markets will be closed until Monday for the Dragon Boat Festival.
The Shanghai Composite Index rallied 0.8 percent to 2,728.02, after the benchmark fell to the lowest level since January 25 on Thursday. The gauge edged up 0.7 percent this week, the biggest gain in about two months.
The key index has plunged 11 percent from this year's high on April 18 on concerns that growth in the world's second-largest economy is slowing after the central bank raised the reserve-requirement ratio for banks 11 times and boosted interest rates four times to cool inflation.
A drop of more than 10 percent was a signal to some investors that the market has entered a correction.
Shares rose across the board as players lapped up beaten-down stocks, particularly those from the auto sector.
SAIC Motor Corp climbed 2.7 percent, the most since April 29, to 17.44 yuan, and Beiqi Foton Motor Co added 1 percent to 8.78 yuan after the China Automotive Technology and Research Center reported China's passenger car sales rose 25 percent to 885,800 units in May from a year earlier.
Chinese mainland markets will be closed until Monday for the Dragon Boat Festival.
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