Stocks end up 1.3%, but upside limited

10:00, September 03, 2010      

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China's key stock index closed up 1.3 percent Thursday, taking its cue from a rally on Wall Street, which was fuelled by strong US manufactur-ing data, while autos such as SAIC Motor were cheered by surprisingly robust car sales.

The Shanghai Composite Index finished at 2,655.8 points, underpinned by the manufacturing sector, after slipping 0.6 percent Wednesday.

"The sharp rebound in August car sales has taken everyone by surprise. That has obviously lifted enthusiasm for auto stocks," said Zhang Xin, an analyst with Guotai Junan Securities.

Analysts expect 2,700 points, a level the index has repeatedly failed to breach over the last month, to pose as short-term resistance.

Investor caution ahead of economic indicators to be released in the next two weeks, and uncertainty over the severity of property controls in the housing market are likely to keep the index trading narrowly in the near term, they said.

Source: Global Times


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