Zhan Jiang: Investment opportunities will arise in the second half of the week

by bdy145 on 2009-10-13 10:23:14

On Monday, despite the positive news of China Investment Corporation (CITIC) increasing its holdings in the three major banks, the overall index basically showed a sideway consolidation trend throughout the day. In the morning session, the Shanghai Composite Index attempted to rise several times under the impetus of bank stocks, but due to the impact of short-term profit-taking, the index was unable to achieve an effective breakthrough. In the afternoon, the market even showed a one-sided adjustment trend after a peak, breaking through the 2900-point mark just before closing. Finally, the Shanghai Composite Index closed at 2894.48 points, forming a small bearish candle on the daily K-line chart, with trading volume expanding compared to the previous day. From an individual stock perspective, after the strong upward attack in the previous trading day, the stocks in the market showed a relatively significant differentiation during the session. Apart from some theme-based concept stocks showing relative activity, mainstream weight categories such as coal, steel, non-ferrous metals, and real estate all experienced varying degrees of adjustment. Bank stocks, represented by the three major banks, were affected by the CITIC increase message in the early session and once gained strength during the session, but still fell in the fluctuations in the late session, with Bank of China closing in the red. This dragged down the overall operation of the board index.