MARKET COMMENT: China Shares Open Higher; Shanghai +0.3%; Cap At 2450

Published February 17, 2013

Dow Jones Newswires

0154 GMT [Dow Jones] China shares open higher on the first trading day after a week-long break, led by banks on undemanding valuations, analysts say. The Shanghai Composite Index is up 0.3% at 2439.12, with analysts putting immediate resistance at 2450. "The index is likely to stay rangebound as further upside in heavyweight banks could be limited following a 50%-80% surge," says Central China Securities analyst Zhang Gang. The rebound in the broader market could be more sustainable if smaller blue chips, such as resource sector plays, follow suit on rotational buying, he adds. Among actives, Industrial Bank (601166.SH) is up 1.6% at CNY19.92 and Agricultural Bank of China (601288.SH) adds 1.3% to CNY3.14. Environmental protection related shares rise on hopes of more investment from the government to clean up the environment amid growing concerns over air pollution; Beijing Water Business Doctor (300055.SZ) hits its 10% daily trading upper limit at CNY23.06 and Zhongyuan Environment Protection (000544.SZ) gains 2.2% to CNY10.53. The Shenzhen Composite Index is 0.4% higher at 973.21. (amy.li@dowjones.com)

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