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Bull is running strongly again in China’s share shop

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02/03/2007

Asian stock markets have continued to fall following a bad day’s trading in the US yesterday, although China’s main index recorded an improvement as saving and investment indices improved there.

The Shanghai Composite Index – which started the global share price rout on Tuesday – closed 1.23% up, which was interpreted in positive terms by many in the London investment community.

“The markets are in a state of flux, for sure, but the fundamentals look sound and I’m not too worried,” said City analyst Colin Perry. “This latest fall should not disrupt people’s saving and investment plans and I’m sure we’ll soon see more stability again.”

Despite Perry’s optimism, the London FTSE Index closed 0.9% lower after yesterday’s session and has now shed 5% in three days – wiping off more than £80bn of its value. This has inevitably given rise to fears about investors’ saving and investment plans.

The global sell-off was precipitated by rumours of a crackdown on illegal share offerings and trading in China on Tuesday, although there are now wider concerns about global economic growth and the outlook for corporate profits.

Today’s tentative gains in Shanghai have been the result of bargain-hunting for cheap property and financial stocks.

Chen Huiqin, an analyst at Huatai Securities, said: “The market has performed irrationally in recent sessions amid sharp fluctuations and some investors viewed it as a good chance to some oversold stocks.”

 

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