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Trading seen flat as 2009 nears end
By Ding Yining |
December 28, 2009, Monday
|
Print Edition
Print Edition
THE Shanghai market is likely to remain flat in the last week of 2009 as trading will be limited because investors are still concerned about capital facing pressure from pending initial public offerings, analysts said.
The key Shanghai Composite Index gained 0.9 percent last week to end at 3,141.35 last Friday, after sliding more than 2 percent on Tuesday due to investor concerns about tighter market liquidity.
"The market is expected to stay flat this week," Yi Xiaobin, an analyst at Galaxy Securities, said, as the liquidity situation is not likely to change for the better. Besides, "heavyweight counters in the market lack momentum to rise," he added.
China National Chemical Engineering, which plans to raise up to 6.7 billion yuan (US$981 million) in a Shanghai IPO, opened subscriptions for retail and institutional investors last Friday.
Yi forecast that turnover in the market would not be high as investors are likely to stay cautious ahead of the end of year.
Qian Qimin, an analyst at Shenyin & Wanguo Securities, expects the benchmark index "to climb over 3,200 points in January" once it becomes stable after undergoing fluctuations.
The key Shanghai Composite Index gained 0.9 percent last week to end at 3,141.35 last Friday, after sliding more than 2 percent on Tuesday due to investor concerns about tighter market liquidity.
"The market is expected to stay flat this week," Yi Xiaobin, an analyst at Galaxy Securities, said, as the liquidity situation is not likely to change for the better. Besides, "heavyweight counters in the market lack momentum to rise," he added.
China National Chemical Engineering, which plans to raise up to 6.7 billion yuan (US$981 million) in a Shanghai IPO, opened subscriptions for retail and institutional investors last Friday.
Yi forecast that turnover in the market would not be high as investors are likely to stay cautious ahead of the end of year.
Qian Qimin, an analyst at Shenyin & Wanguo Securities, expects the benchmark index "to climb over 3,200 points in January" once it becomes stable after undergoing fluctuations.
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