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Xinjiang stocks lead Shanghai rebound
By Winny Wang |
May 21, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded today on bargain hunting as investors speculated that the index has hit the bottom after slumping nearly 10 percent this month.
The benchmark Shanghai Composite Index gained 1.08 percent, or 27.58 points, to end at 2,583.52 points. Turnover stood at 97 billion yuan (US$14.2 billion). Gainers outnumbered losers by 725 to 123 and 75 shares remained unchanged.
The index opened lower today with heavy losses in global markets and dropped to 2,482 points, below the psychologically important 2,500-point mark, but rebounded in the afternoon session.
The Shenzhen Composite Index, which tracks the smaller mainland market, grew 2.5 percent to close at 1,008 points.
"The index has reflected investors' concerns over inflation and the country's campaign to clamp down on property, and Europe's debt crisis influence has also been eased," said Yu Jun, an analyst at Citic Securities Co.
"The 2,500 point is a periodical bottom and the market will seek to bottom out in later May and earlier June. The index is expected to stabilize in late June and return to 3,000 points in the later half of this year," Yu said.
Property stocks led the recovery today. Vanke Co jumped 4.08 percent to 7.39 yuan and Gemdale Corp gained 7.63 percent to 6.63 yuan. Shanghai Shimao Co rose 5.41 percent to 10.44 yuan and Poly Real Estate Group grew 5.98 percent to 11.16 yuan.
Xinjiang-based companies got a boost after President Hu Jintao pledged to mount a vast investment drive in the Xinjiang Uygur Autonomous Region to achieve leapfrog development and lasting stability.
Xinjiang Urban Construction Co surged by 10 percent daily cap to 12.73 yuan and Xinjiang Dushanzi Tianli High & New Tech Co also surged by 10 percent to 9.66 yuan.
The benchmark Shanghai Composite Index gained 1.08 percent, or 27.58 points, to end at 2,583.52 points. Turnover stood at 97 billion yuan (US$14.2 billion). Gainers outnumbered losers by 725 to 123 and 75 shares remained unchanged.
The index opened lower today with heavy losses in global markets and dropped to 2,482 points, below the psychologically important 2,500-point mark, but rebounded in the afternoon session.
The Shenzhen Composite Index, which tracks the smaller mainland market, grew 2.5 percent to close at 1,008 points.
"The index has reflected investors' concerns over inflation and the country's campaign to clamp down on property, and Europe's debt crisis influence has also been eased," said Yu Jun, an analyst at Citic Securities Co.
"The 2,500 point is a periodical bottom and the market will seek to bottom out in later May and earlier June. The index is expected to stabilize in late June and return to 3,000 points in the later half of this year," Yu said.
Property stocks led the recovery today. Vanke Co jumped 4.08 percent to 7.39 yuan and Gemdale Corp gained 7.63 percent to 6.63 yuan. Shanghai Shimao Co rose 5.41 percent to 10.44 yuan and Poly Real Estate Group grew 5.98 percent to 11.16 yuan.
Xinjiang-based companies got a boost after President Hu Jintao pledged to mount a vast investment drive in the Xinjiang Uygur Autonomous Region to achieve leapfrog development and lasting stability.
Xinjiang Urban Construction Co surged by 10 percent daily cap to 12.73 yuan and Xinjiang Dushanzi Tianli High & New Tech Co also surged by 10 percent to 9.66 yuan.
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