Stocks News
- Shanghai News
Date: 14-Mar-2007 Sources: (Xinhua Online)
Shanghai stocks edged up yesterday as late-minute bargain hunting offset intraday dips led by heavy-weighted issues.
Analysts said the see-saw pattern is largely due to investor division over whether the market valuation had gone ahead of itself, making the 3,000-point level hard to pass.
The Shanghai Composite Index, which covers yuan-denominated A shares and hard-currency B chips, was up 0.33 percent at 2,964.79, after dipping to as low as 2932.23.
'The stock market lacks a mainstream sector to lead it up and will likely face big pressure when moving towards the 3,000 mark,' said Tang Xiaowu, a Huatai Securities Co analyst.
'It's still hard to predict how long the current fluctuation pattern will linger.'
Banking counters slipped yesterday after staying on a recovery path since early this month.
But their losses were outweighed by increases in other financial issues, such as brokers and insurers.
'Blue chips' performances were quite divided,' said Mo Tao, a China Securities Co trader. 'I don't believe large-cap firms have the ability to lead the market.'
Industrial & Commercial Bank of China, the nation's top lender, slipped 1.37 percent to 5.04 yuan (65 US cents). Bank of China, the No. 2 player, declined 0.98 percent to 5.03 yuan.
China Life Insurance Co, the country's biggest life insurer, was up 0.61 percent at 33 yuan. Citic Securities Co, China's largest listed broker, lifted 2.17 percent to 43.36 yuan.
Mo expected the index to move in a range between 2,500 and 3,000 before positive news, such as improved corporate earnings, reignites sentiment. All mainland-listed firms are set to report 2006 profits by April 30.
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