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Stocks break record as optimism abounds

(Shanghai Daily)
Updated: 2006-12-15 11:30

Related readings:  Chinese stock index close record high  China stock index up 0.99% at all-time high China to map out regulations on stock index futures trade  Chinese stocks, lifted by yuan, head for records

Economists expect China's economy to maintain yearly growth of around 10 percent in the next few years.

Wu Gang, an analyst at Shanghai-based Orient Securities Co, said Wednesday that Shanghai's benchmark index has a chance to test the 3,000 level next year and perhaps breach 4,000 in 2008.

But a number of market insiders, including Galaxy's Zhu, said a broad correction will likely set in late this month.

Downward risks are expeceted to mount as some companies have become overvalued after recent gains, especially those with weak earnings prospects.

"I don't want to predict when 3,000 or 4,000 will come as that will largely depend on company fundamentals," Zhu said. "But as nearly 80 percent of my clients said they would like to invest more, I had to tell them to stay cool and stick to quality chips."

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