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Chinese stocks lackluster amid liquidity concern
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CHINA’S stocks ended the week almost unchanged, as liquidity concern crippled trading sentiment.
The benchmark Shanghai Composite Index edged up 0.1 percent today to 3,105.54 and turnover shrank to 15.4 billion yuan (US$2.3 billion).
Financial shares dropped. China Life Insurance Group retreated 1.99 percent and Ping An Insurance (Group) Co sank 2.2 percent.
Corporate earnings and liquidity will have a bigger impact on share prices than new regulations over share sales by big investors, according to a research note by GF Securities. The brokerage suggested investors pursue shares with better-expected earnings performances.
The lackluster performance of the Chinese equity market came against a global equity rally as Chinese investors were worried about tightening liquidity and uncertainty over economic recovery.
Shenwan Hongyuan Securities’ analyst Yao Liqi wrote in a note that the key stock index in China will remain in fluctuation in June as liquidity concern prevails.
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