Fund managers believe SCI has bottomed out

Mainland fund managers believe the Shanghai Composite Index (SCI) bottomed out last week and that benchmark index will not fall back to that level in the medium term, the South China Morning Post reported, citing a poll by the official newspaper Securities Times. The SCI fell to 1,802.331 during trading last Wednesday, and Beijing stepped in the next day by cancelling the stamp tax on stock trading, prompting days of record gains. The poll found more than 40 of the 54 respondents said they viewed 1,800 as the firm floor for the SCI. But 44 respondents, or 81%, said they were seriously concerned about the impact of the financial turmoil in the US on China’s financial markets.