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Shanghai shares likely to rise as firms set for solid results
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The Shanghai stock market is expected to rise this week as it will be sustained by likely solid corporate earnings and active transactions, analysts said.

 

The key Shanghai Composite Index ended last week 2.3 percent higher at 5,484.6 for its fourth straight weekly gain. Several securities houses forecast the index could test 5,600 in the coming sessions.

 

Shanghai Securities sees the Shanghai index to move between 5,400 and 5,600 for the week, Everbright Securities forecast a range from 5,400 to 5,700. Guohai Securities is a bit cautious giving a range of 5,200 to 5,500 while Orient Securities says it could be between 5,100 and 5,500.

 

Analysts expect results of corporate earnings to be a catalyst for the market, as several companies have issued strong profit forecasts over the past weeks.

 

"With firms starting to report their annual results, sectors with good profitability surely will be favored," said Yang Ming, a Shanghai Securities analyst, adding that metal, bank and brokerages are among those with rosy earnings estimates.

 

Chinese mainland-listed firms are required to make preliminary announcements if they expect to report earnings swings of more than 50 percent. Companies start reporting their annual results this week.

 

On Friday, Bank of Beijing led a rally in the banking counter after the city-level lender said its earnings may have surged more than 50 percent in 2007. The Beijing bank's profit forecast reconfirmed investor confidence in the earnings performance of other lenders in the heavily weighted sector.

 

Investors are also buying banks after reports said that more brokerages were considering acquiring stakes in lenders, analysts have said.

 

The domestic stock market has bounced back since December following a two-month correction that started in mid-October when the Shanghai benchmark hit an all-time high.

 

Many non-blue-chip stocks had surged more than 50 percent since December but bank and property sectors have regained attractiveness.

 

(Shanghai Daily January 14, 2008)

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