Re:market correction... by MacGyver30th, Jul. 04:11 PM Market is bullish again.. Good trading period from now to early-m...
Re:Map Technology - ... by happin30th, Jul. 03:16 PM MAP is now at 6 cents. Noticed that yesterday's last trade was 1...
Re:Rokko-An Explosiv... by neontet30th, Jul. 07:41 AM all these semicon companies are doing really well.
congrats on s...
market correction by pathfinder30th, Jul. 12:10 AM With all US company result good news ending in 2 weeks time & no ...
Re:Rokko-An Explosiv... by MOSBY29th, Jul. 11:49 PM http://www.remisiers.org/research//dailyex2307.pdf
TP :$0.30...
FRIDAY MARKET WRAP: Securities firms broker bounceback on NPC sentiment
Written by Andrew Vanburen (China Correspondent)
Saturday, 06 March 2010
Yingkou Port Liability (SHA: 600317) leapt 4% yesterday on steel support news. Photo: Yingkou Port
CHINA’S BENCHMARK Shanghai Composite Index closed the day up 0.25% to close at 3031.07 on Friday, but fell 0.68% on the week on a wide range of economic news from the US and amid China's annual gathering of national delegates.
Meanwhile, the Shenzhen Composite Index gained 0.26% yesterday to finish at 1161.4, with both indices benefiting from a rebound from brokerages including Everbright and Hong Yuan.
Turnover on the Shanghai and Shenzhen bourses was 105.7 bln yuan and 76.7 bln yuan, respectively, while gaining Shanghai shares outnumbered losers 519 to 317.
Meanwhile, the CSI 300 Index rose 0.28% to close at 3259.76.
Experts expect the February CPI to be up around 2%, which lowers the possibility of an interest rate hike this quarter.
It was a much-anticipated week as economic and employment news from the US comingled with the launch of the National People’s Congress (NPC), which gathers annually in Beijing, with representatives from around the country heading to the capital to give voice to the masses … within obvious limits.
Perhaps testimony to the delegates' rather rubber stamp-like existence on the big stage once a year is that the most anticipated speech of the nationally broadcast event still comes from the premier’s lips.
And yesterday was no exception as the cameras where flashing and lenses were whirring as Chinese Premier Wen Jia Bao stood up to say at the third session of the gala government gathering that the powers that be would execute more aggressive financing and fundraising through the vehicles of stocks and securities, refine a multi-level capital market and bolster oversight of cross-border investment flows.
Naturally, securities firms rallied on the premier’s positive policy pronouncement, making up lost ground yesterday on the back of Thursday losses. Brokerage stocks were especially in favor following an announcement that China's securities watchdog, the China Securities and Regulatory Commission (CSRC) said that stock index futures trading would likely begin trading next month, while trials for margin trading and short selling would commence even earlier.
Brokerages Fixed for Day
Brokerages Bounce Back
Securities firm
Friday daily gain
Everbright
+3.92%
Hong Yuan
+2.55%
Changjiang
+2.4%
China Merchants
+2.4%
Chinese listed brokerages rallied on the positive news pontoon.
Everbright Securities (SHA: 601788) rose 3.92%, Hong Yuan Securities (SZA: 000562) added 2.55%, Changjiang Securities (SZA: 000783) gained 2.4% and so did China Merchants Securities (SHA: 600999).
These same firms had recorded sharp declines on Thursday.
News of a government-sponsored shot in the arm for Shandong Province’s steel sector – one of the country’s major production bases for steel – helped port operators, who built on gains from earlier this week.
Yingkou Port Liability (SHA: 600317) in the northeastern Chinese province of Liaoning was one of Shanghai's most heavily traded stocks yesterday, adding 6.74% on the day, while Shandong-based Rizhao Port Co (SHA: 600017) rose 4% and Shanghai International Port Group (SHA: 600018) was up 3.36%.
Continuing to lose ground were agricultural shares, which maintained a downward trend from highs on Wednesday despite Premier Wen's pledge that the central government would budget 818.3 bln yuan to agriculture, farmers and rural regions this year, 93 bln yuan more than in moribund 2009.
Outlook Market watchers are eagerly awaiting any proclamations to come out of the ongoing NPC, especially tips as to whether the People's Bank of China plans any rate action this quarter.
Therefore, visibility on share price movements remains murky with most investors likely holding out until more 'congress clarity' takes center stage.
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