China’s stocks rebound 0.41 pct Tuesday

China’s stocks ceased their recent declines and rebounded on Tuesday, although the possibility of stock hikes in the short-term still remains, according to analysts.

Although S&P’s downgrade of Italy’s debt rating and a drop in U.S. stocks caused a lower open for China’s stocks on Tuesday, the benchmark Shanghai Composite Index still rose 0.41 percent, or 9.96 points, to end at 2,447.76.

The Shenzhen Component Index increased 0.20 percent, or 21.67 points, to finish at 10,679.30.

However, combined turnover further shrank to 90.8 billion yuan (14.22 billion U.S. dollars) from Monday’s 92 billion yuan, as investors continued to hold negative expectations amid the European debt crisis and a high domestic inflation rate.

Property developers suffered, with Vanke and Poly Estate, the country’s leading developers, falling nearly 1 percent apiece.

Justin Lin, vice president of the World Bank, said the risk of a double-dip global recession still exists, with developed economies facing the possibility of lower growth rates over the long term. – Xinhua

Posted by on September 20, 2011. Filed under Stock. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry