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Baidu, Inc. Message Board

  • cudadida cudadida Jan 15, 2007 11:48 AM Flag

    Huge rally in China today,

    i'm not sure how this affect BIDU but i believe it can only be good for BIDU bulls:

    China's Shanghai Composite gained 4.7%, rising 126.59 points to 2794.70. The movement ranked as the biggest single-day gain since June 8, 2005, when the index jumped 8.2%. Gains were centered in leading financial shares with Shanghai-listed China Life Insurance Co. gaining as much as 10%. Brokers said investors were inspired by rumors industry regulators may allow local insurers to put a greater proportion of their investment portfolio in securities.
    The blue chip Hang Seng Index (HK:1804580: news, chart, profile) ended 2.3% higher, rising 455.15 points to 20,068.56. The China Enterprises Index, a gauge of mainland-incorporated shares listed in Hong Kong, rose 3.1%, or 297.34 points, to 9,972.05.
    "The bears have been caught a bit unprepared and they have been forced to liquidate their positions," said Louis Wong, research director at Philip Securities in Hong Kong. "The Hang Seng Index has recouped its 10-day moving average, so it's a sign that the short-term correction may be over."

201.80-1.60(-0.79%)Nov 25 4:00 PMEST