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Shanghai stocks up 0.13% to mark a 4th weekly gain

SHANGHAI stocks edged up today to mark the fourth consecutive week with a gain, and they were bolstered by blue-chip stocks which offset a slump among start-ups.

The Shanghai Composite Index ended at 3,222.42 points after a 0.13 percent daily rebound. For the whole week it gained 0.14 percent following the growth over past three weeks.

Blue-chip companies pushed the index higher, with the Shanghai Stock Exchange 50 Index, which selects blue-chip stocks from the Shanghai-listed market, notching a 19-month high at 2,622.98 points to offset the largest week-loss at the start-up sector since the year beginning.

“Investors favor companies posting predicable incomes when risks remain high amid tightening financial regulations,” said Zhao Huan, chief analyst at Fortune Securities.

Meanwhile the mainland companies posted worse-than-expected mid-year profits over recent weeks, which pushed investors to get rid of growth stocks with higher uncertainties, said Chen Jian, consultant at Datong Securities.

Investors thus would rather put money among industries such as manufacturing, which are expected to present stable growth, instead of those under tightening regulations such as property, Chen said.

Advanced manufacturing and high-tech service industries are attracting more funds both overseas and domestically, while capital outflows among property and entertainment industries, according to a recent report from the Ministry of Commerce.

SAIC Motor Corp gained 2.02 percent to 31.83 yuan (US$4.69), while China Petroleum & Chemical Corp rose 0.65 percent to 6.22 yuan.


 

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