Shanghai Daily news

Shares in Shanghai rebounded yesterday after a report cited the latest statistics as showing that the A-share market has become attractive to invest in after having fallen to six-year lows recently.
The Shanghai Composite Index, which covers both yuan-denominated A shares and hard-currency B shares, edged up 0.28 percent to 1,073.85. The A-share Index also added 0.26 percent to 1,127, and the B-share Index rose  1.69 percent to close at 68.27.
"The average price-to-earnings ratio of most shares on the stock markets has been dragged down to a lower level than that of in foreign markets," Hangzhou Sanyuan Securities Investment Consulting Co Ltd said in its research note.
"Some funds and overseas institutions have begun to change their attitude to the market and now hold a more bullish outlook," the report said.
The average PE ratio of the top 300 stocks on the Shanghai and Shenzhen bourses is only about 14.2, lower than the level of the shares tracked by indexes on global stock markets, including Dow Jones Industrials, said China Securities Journal, citing statistics from Zhongzheng Investment Consulting Co Ltd.
On Monday, shares in Shanghai plummeted 2.59 percent to a new six-year low since May 18, 1999.
Dazhong Transportation (Group) Co Ltd, one of Shanghai's major taxi and bus operators, ended at 5.72 yuan (69 US cents), up 0.18 percent.