[photopress:bullcharge.jpg,full,alignright]Shanghai stocks are the darling of analysts who predict continued rises after posting an all-time record last week. Leading the charge are real-estate developers as a result of a stronger Chinese currency.
Analysts at Beijing Shoufang Investment Consultant Co said in a note:
‘Due to an abundant supply of funds, the index will probably head to new highs, in a range between 2,300 and 2,350 for the week.
‘Property companies are expected to drive the upside, together with technology, liquor, automobile and commodity firms.’
Is this all a bit scary? Lu Chengde, a Guosen Securities Co trader said, ‘If you care about gains and losses in the short term, it might not be the right time to step as there’s a risk of a drop. But if you take a longer view, say a year or two, it’s still quite safe to build positions now. It’s a bit optimistic to say the index will breach 3,000 next year, but there’s no doubt it will continue this year’s uptrend.’
Source: Shanghai Daily