Technical buying boosts index
Print Edition
SHANGHAI stocks recovered from a five-week low yesterday on technical buying after falling for four straight days, while coal producers and insurers also gained on strong earnings.
The Shanghai Composite Index rose 0.84 percent to 2,020.34 points after falling below the 2,000 level in intraday trading.
“The market gained on a technical rebound but the trading volume was weak as a holiday is approaching,” said Shenyin & Wanguo Securities.
The brokerage said small-cap shares gave the market a boost after it suffered big losses in previous sessions. But it would take time for investors to regain their risk appetite as concerns over initial public offerings remained, it added.
So far 156 companies have disclosed their IPO prospectuses, the China Securities Regulatory Commission said. It will review IPO applications of four companies today.
Datong Coal Industry Co jumped by the daily limit of 10 percent to 4.50 yuan (72 US cents) after posting a 447 percent surge in first-quarter profit. Guizhou Panjiang Refined Coal Co also soared 10 percent to 7.04 yuan.
Ping An Insurance rose 2.6 percent to 39.09 yuan after China’s second-largest insurer said its earnings surged 46 percent year on year in the first quarter of this year.
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