Shanghai parking disc Composite Index up, ending slide
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Shanghai Composite Index up, ending slidePublished: 21 Dec 2009 09:02:02 PST

The key stock index rose 0.29 percent Monday, breaking a four-day slide that had taken it to a three-week low, with the property sector rebounding after the index found technical support when it slipped through a key chart level.

The Shanghai Composite Index ended at 3,122.973 points, with gaining Shanghai A shares outnumbering losers 721 to 161. Turnover slipped to 90 billion yuan ($13.18 billion), its lowest in more than two months, from Friday's 116 billion yuan ($16.99 billion).

The index Monday morning sagged below its 120-day moving average, now at 3,101 points, for the first time in seven weeks.

"The index staged a technical rebound after falling so fast," said Wen Lijun, an analyst at Nanjing Securities.

"The banking sector is under pressure from renewed worries over fundraising," he said, adding that the government could also seek to curb rising property prices at some point in the future.

Reuters

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