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'Technical rebound' sends stocks up again
By Lydia Chen |
September 21, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai posted the biggest gain in four weeks, sending the benchmark index back above the 2,500 points mark with turnover almost doubling from the previous three sessions.
The Shanghai Composite Index added 2.66 percent to 2,512.96. Turnover climbed to 88.2 billion yuan (US$ 13.82 billion) from yesterday's 47.9 billion yuan.
"This is just a technical rebound since most shares have been falling too much already," Wei Youxin, an analyst with Citic Securities, said.
Gains in beaten down, large-cap energy and financial counters helped the market realize the rare cross-board rally while the nuclear power sector headed the gainers after a report stated that China would resume approvals for new nuclear power plants as early as the start of next year.
China First Heavy Industry Co jumped by the daily cap of 10 percent to 3.98 yuan. Dongfang Electric Corp jumped 7.06 percent to 23.05 yuan. Shanghai Electric Group Co climbed 8.5 percent to 6.13 yuan.
A report about the safety situation at Chinese nuclear power facilities has been submitted to the State Council and will soon be released to the public, China Securities Journal reported today, citing unidentified sources.
The country was revising its nuclear power safety regulation and was expected to release new plans by the end of this year, the newspaper said.
Approvals for building new nuclear power facilities, which were halted after Japan's nuclear power plant crisis in March, was expected to come through early next year, it added.
New projects will be required to use reactor technology offered by Westinghouse Electric Corp and Areva SA under China's nuclear safety plan that may be out for public opinion at the end of this year, according to the report.
UBS Securities expected the mainland market to suffer another round of falls in the fourth quarter due to slowing economic growth and reducing corporate earnings.
"Liquidity will continue to be tight in the last three months and companies, especially developers, are facing the risks of how to lower their high inventory stockpiles," the leading investment bank said in a note today.
The International Monetary Fund has cut its growth forecast for China to 9.5 percent from a previous 9.6 percent this year and 9 percent for next year, down 0.5 percentage from previous estimate.
Li Xunlei, chief economist of Shanghai-based Guotai Jun'an Securities, expected that the stock markets may rise by up to 100 percent in 2012 when China may change its tightening policies with inflation falling below 5 percent.
The Shanghai Composite Index added 2.66 percent to 2,512.96. Turnover climbed to 88.2 billion yuan (US$ 13.82 billion) from yesterday's 47.9 billion yuan.
"This is just a technical rebound since most shares have been falling too much already," Wei Youxin, an analyst with Citic Securities, said.
Gains in beaten down, large-cap energy and financial counters helped the market realize the rare cross-board rally while the nuclear power sector headed the gainers after a report stated that China would resume approvals for new nuclear power plants as early as the start of next year.
China First Heavy Industry Co jumped by the daily cap of 10 percent to 3.98 yuan. Dongfang Electric Corp jumped 7.06 percent to 23.05 yuan. Shanghai Electric Group Co climbed 8.5 percent to 6.13 yuan.
A report about the safety situation at Chinese nuclear power facilities has been submitted to the State Council and will soon be released to the public, China Securities Journal reported today, citing unidentified sources.
The country was revising its nuclear power safety regulation and was expected to release new plans by the end of this year, the newspaper said.
Approvals for building new nuclear power facilities, which were halted after Japan's nuclear power plant crisis in March, was expected to come through early next year, it added.
New projects will be required to use reactor technology offered by Westinghouse Electric Corp and Areva SA under China's nuclear safety plan that may be out for public opinion at the end of this year, according to the report.
UBS Securities expected the mainland market to suffer another round of falls in the fourth quarter due to slowing economic growth and reducing corporate earnings.
"Liquidity will continue to be tight in the last three months and companies, especially developers, are facing the risks of how to lower their high inventory stockpiles," the leading investment bank said in a note today.
The International Monetary Fund has cut its growth forecast for China to 9.5 percent from a previous 9.6 percent this year and 9 percent for next year, down 0.5 percentage from previous estimate.
Li Xunlei, chief economist of Shanghai-based Guotai Jun'an Securities, expected that the stock markets may rise by up to 100 percent in 2012 when China may change its tightening policies with inflation falling below 5 percent.
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