Key index edges up to close above 2,800
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Shanghai's key stock index edged up to close above 2,800 points yesterday, boosted by a rally among property developers and financial shares.
The Shanghai Composite Index ended 0.44 percent higher at 2,804.05. But turnover fell to 94.49 billion yuan (US$14.32 billion) from 110.8 billion yuan on Monday.
The market rose due to a bullish performance by property developers and financial shares as well as insurers as analysts viewed them positively based on their promising earnings reports.
Poly Real Estate Group Co, China's second-largest listed property developer, jumped 5.66 percent to 14.75 yuan. Industrial and Commercial Bank of China gained 0.47 percent to 4.26 yuan. China Pacific Insurance Group Co added 1.21 percent to finish at 22.50 yuan.
"The market is not expected to witness any major hikes or tumbles for now," said Tong Bin, an analyst with Guotai Junan.
He suggested investors should pay heed to any moves by companies in key sectors such as real estate, coal mining and non-ferrous industries in order to get a sense of the market's next direction.
