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Bourses mixed on first trading day of year yet outlook bright

By Wang Ying in Shanghai  (China Daily)

08:08, January 06, 2013

An investor at a brokerage firm in Hangzhou, capital of Zhejiang province, on Friday. [Photo/China Daily]

China's two bourses turned in a mixed performance on Friday, the first trading day of 2013.

The Shanghai Composite Index ended up 0.35 percent at 2,276.99 points, while the Shenzhen Component Index edged down 0.22 percent, closing at 9,096.07.

The market outlook is bright for the new year, according to Fei Xiaoping, an analyst from Dongguan Securities Co Ltd. But Huang Xuejun, an analyst from Guosen Securities, said the A-share market had gained about 15 percent in December, and some investors will choose to sell, which will drag the market down to some extent.

Huang added: "This is actually beneficial to the stock market, which has already entered an upward track, because a mild fall will make the rebound more sustainable."

Most analysts polled by China Daily said they are optimistic about the stock market for 2013, although China's two bourses are being outperformed by many benchmark indexes in the world's major economies.

In 2012, the Shanghai index gained 3.17 percent, while the Shenzhen index rose 2.22 percent. In contrast, the Standard & Poor's 500 Index in the US gained 11.5 percent and the Nasdaq Composite Index rose by 13.6 percent. Benchmark indexes in Japan, Germany and France posted annual gains of 14.5 percent to 29 percent.

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