 |
China Shares End up on Tech And WTO-Linked Plays
China stocks rebounded on Monday as an advancing technology sector helped inspire buying interest in textile and transport plays seen benefiting from China's impending membership to the WTO.
The Shanghai B-share index rose 3.06 per cent to end at 167.982 points on little changed turnover at a slim US$67.71 million.
The Shenzhen B-share index also rose 3.06 per cent, ending at 286.02 on marginally higher but still thin turnover of HK$265.35 million.
Domestic A shares, off limits to foreign investors, closed up more than two per cent, reversing a two-per cent fall in early trade as tech and textile counters rallied.
The markets shrugged off the trading resumption of scandal-ridden Guangxia, which tumbled its daily 10 per cent limit, and fresh regulatory scrutiny on firms and brokerages.
But brokers said indices were expected to fall on Tuesday as sentiment remained weak.
Technology stocks like SVA Electron, which jumped nearly five per cent, got a boost ahead of Tuesday's launch of China's first open-ended fund, which will target the hi-tech sector.
Investors also pushed up stocks such as Tientsin Marine Shipping and textile firm Guangdong Rieys for China's WTO entry.
China would be a responsible member when it joined the global trade body, said Long Yongtu, China's chief negotiator for entry into the World Trade Organization.
Source: China Daily
In This Section
|