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Bearish sentiments uppermost

By Liu Yiyu and Bi Xiaoning (China Daily)
Updated: 2009-10-09 08:15

Zheng also said he would maintain the current portfolio through Chinese lunar New Year given the positive external environment such as the rates rise in Australia which would lift market sentiment.

The US and Asian stock markets have all embraced a rebound in the past week, boosting expectations of a buoyant market after the end of the national holiday.

Industry experts are also bullish about the stock market in light of China's economic outlook.

Related readings:  Chinese shares gain slightly after three days' drop  Chinese shares drop 0.33% Tuesday  Chinese shares drop 2.65%, dipping below 2,800 mark  Chinese shares slip 0.52% to end week lower

"The bullish structure for the Chinese stock market hasn't changed. The buoyant expectations will push the stock market into another round of rallying in the fourth quarter," said Frank Gong, vice-chairman of the China investment banking unit of JP Morgan Chase.

According to Gong, China's export sector may rebound to 10-percent growth next year from the current 20-percent decline, leading to better-than-expected earnings for private enterprises.

China's stock market has seen ups and downs during the post-holidays periods over the past eight years, with four drops and four rises since 2001.

In 2007, the historic peak happened 10 days after the national holiday when China's stock market touched 6,124 points, the highest level in its history.

In 2008, the Shanghai composite index plunged to 1664.93 points one week after the national holiday, its lowest point of the financial crash.

 

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