Wait-and-see stand ahead of holidays

China stocks steadied in thin activity yesterday after three days of losses, as investors took a wait-and-see attitude before the National Day and Mid-Autumn Festival holidays.

The Shanghai Composite Index edged up 0.06 percent to 3,343.58 points while the Shenzhen Component Index closed 0.18 percent higher at 10,950.77. Total turnover at the two bourses stood at 397.7 billion yuan (US$60 billion), down from 468.5 billion yuan on Monday.

Analysts said they expect transactions to remain subdued for the rest of the week but the market is likely to see a recovery in October as investors return from the long holiday.

Property shares rebounded after a recent sell-off, with China Vanke Co jumping 2.45 percent to 26.76 yuan and Poly Real Estate Group adding 0.76 percent to 10.65 yuan.

Profits of China’s state-owned firms rose 21.7 percent in the first eight months from a year ago, the Ministry of Finance said yesterday.