THE fair value for the Shanghai Composite Index, which tracks stocks listed on the larger of the country's two exchanges, is 3,300, Guotai Junan Securities Co said yesterday.

The benchmark is likely to fluctuate between 2,800 and 4,300 points in the second quarter, analysts led by Chai Peng said yesterday. The key index dived 198.63 points to end at 3,413.91 yesterday.