3.9% 中国上证综合指数上涨作者：Leo | 原始出处：《金融时报》 | 2007-3-1 10:35:13 | 已阅 2622 次

By Leo Lewis in Tokyo and Dave Shellock in London
Thursday, March 01, 2007
 
Asian stocks came under fresh selling pressure yesterday, although Chinese shares – widely seen as the trigger for Tuesday's global equity rout – staged a strong rally.

The Shanghai Composite index rose 109.28 points, or 3.9 per cent, to 2,881.07, after sliding nearly 9 per cent in the previous session.

Zhu Jian, the director of the China Securities Regulatory Commission, described Tuesday's slide as a “normal correction”.

But Jerry Lou, equity strategist at Morgan Stanley, was more pessimistic.

“We believe the market's freefall was triggered by government holding companies reducing stakes in selected state-owned enterprises which have completed share reform,” he said.

“Redemption risk is the biggest overhang of the market now. The correction is not done yet and it is too early for bottom fishing.”

Traders reported strong buying of financial stocks by mutual funds. Industrial and Commercial Bank of China rose 4.5 per cent to Rmb4.90 while China Merchants Bank gained 4.9 per cent to Rmb16.09.

But Chinese stocks listed in Hong Kong remained under fire, with the H share index falling another 3.2 per cent to a 2?-month low.

China Life Insurance fell 3.2 per cent to HK$20.95 and China Construction Bank shed 2.9 per cent to HK$4.40.

The blue-chip Hang Seng index fell 2.5 per cent, or 496.36 points, to 19,651.51.
 
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