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Article: China shares up on government support pledge
- Article from:
- AP Worldstream
- Article date:
- January 6, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Chinese shares rose for a second day Tuesday on investor hopes about government pledges to boost economic growth.
The benchmark Shanghai Composite Index jumped 3 percent, or 56.43 points, to close at 1937.05. The Shenzhen Composite Index for China's smaller second market rose 2.7 percent to 586.33.
The rally helped the market recover losses from eight straight down sessions before the New Year. But some analysts expressed caution about whether it could last.
"This is probably just a technical recovery as a series of stimulus policies already was expected," said Mao Sheng, an analyst for Huaxi Securities in the western city of Chengdu. "The grim outlook ...