Stocks rise on signs of a bottom
By Hu Xiaocen |
June 6, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday from Monday's steep fall on speculation the stock market will soon reach the bottom and turn up, as the prices of bank stocks have fallen below net assets per share.
The Shanghai Composite Index edged up 0.15 percent to 2,311.92 points.
"It is normally regarded as the industry bottom or market bottom if the prices of bank shares fall below their net assets per share," the Securities Times, official newspaper of China securities watchdog, said yesterday on its Weibo.
The share prices of Huaxia Bank Co and the Bank of Communications, the nation's fifth-biggest lender, both closed below their net assets per share on Monday, according to the lenders' latest earning reports.
Shares of BoCom edged up 0.2 percent to close at 4.56 yuan (72 US cents) yesterday, while Huaxia Bank rose 0.3 percent to 9.57 yuan.
Western Securities said in a report: "The rebound of blue chips signals the market is bottoming out. The rebound will extend on looser monetary and credit policy, as external demand continued to weaken."
Airline shares rallied on possible rises in ticket sales, as a cut in fuel surcharges started yesterday. Air China jumped 3.7 percent to 6.22 yuan and China Eastern soared 4.2 percent to 4.18 yuan. Hainan Airlines surged 6 percent to 5.09 yuan.
The Shanghai Composite Index edged up 0.15 percent to 2,311.92 points.
"It is normally regarded as the industry bottom or market bottom if the prices of bank shares fall below their net assets per share," the Securities Times, official newspaper of China securities watchdog, said yesterday on its Weibo.
The share prices of Huaxia Bank Co and the Bank of Communications, the nation's fifth-biggest lender, both closed below their net assets per share on Monday, according to the lenders' latest earning reports.
Shares of BoCom edged up 0.2 percent to close at 4.56 yuan (72 US cents) yesterday, while Huaxia Bank rose 0.3 percent to 9.57 yuan.
Western Securities said in a report: "The rebound of blue chips signals the market is bottoming out. The rebound will extend on looser monetary and credit policy, as external demand continued to weaken."
Airline shares rallied on possible rises in ticket sales, as a cut in fuel surcharges started yesterday. Air China jumped 3.7 percent to 6.22 yuan and China Eastern soared 4.2 percent to 4.18 yuan. Hainan Airlines surged 6 percent to 5.09 yuan.
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