Shares end up at new 1-week high

10:02, August 18, 2010      

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China's key stock index closed up 0.4 percent Tuesday, extending three straight days of gains, with rises in property developers such as Gemdale and large caps offsetting caution ahead of Everbright Bank's debut Wednesday.

The Shanghai Composite Index was at 2,671.9 points, a fresh one-week closing high, after ending 2.1 percent up Monday. The index has been boosted by ample liquidity after the completion of a flurry of bank fundraisings.

A stellar debut from newly listed Jihua Group, China's largest military supplier, Monday also aided sentiment.

Everbright Bank, expected to rise 5 percent or less from its IPO price at debut Wednesday, will be watched closely as a gauge of overall market sentiment.

"Pressure from Everbright is very slight today. It is not likely to really alter an upward trend for the index," Cao Xuefeng, analyst at Huaxi Securities in Chengdu.

Shanghai's property sector outperformed with the market's property sub-index up 1.1 percent underpinned by a stabilizing outlook for the sector.

Turnover in Shanghai A shares eased to 128 billion yuan ($18.81 billion) from 130 billion yuan ($19.13 billion) Monday.

Source: Global Times


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