Brokers timid on next bull run

SHANGHAI: Although the Chinese stock market has breached the 3,000-point barrier after a six-month bull run, analysts and investors are cautious since they see the rally as being led largely by big-cap stocks rather than an across-the-board upswing.

For instance, the benchmark Shanghai Composite Index rose a further 1.73 percent, or 52.1 points, to close at 3060.25 yesterday, driven by large caps, including Zijin Mining Group Co and PetroChina Co.

More than 30 percent of the 863 stocks on the index, however, actually declined.