Markets mixed amid volatile trading after gains
Print Edition
Chinese markets closed mixed yesterday, with many sectors losing ground in volatile trading after gaining on Monday.
The benchmark Shanghai Composite Index inched higher in the afternoon session to close up 0.11 percent at 3,371.69 points. The smaller Shenzhen Component Index dipped 0.75 percent to finish at 13,860.46, while the ChiNext Index fell 1.26 percent to 2,832.84 points.
Volume on the two main bourses was 1.37 trillion yuan (US$196 billion), compared with 1.33 trillion yuan in the previous session.
Most sectors fell, with leisure services, electronics and trade firms dragging down the broader market. The national defense sector was one of the worst performers, after being Monday鈥檚 top gainer.
Heavyweight banking shares performed strongly.
Zheng Hong, chief investment adviser at LC Securities, told Caixin that the banking sector is at the bottom of historical valuations. She expects banks鈥 fully set-aside provisions for bad loans in the first half of the year will boost their results in the coming months.
Liquidity in August will remain relatively stable from July and there will be little change in the cost of funds, UBS Securities China Rates Market analyst Mary Xia said.
She said the People鈥檚 Bank of China鈥檚 liquidity operations last month were cautious and the Central Bank needs to keep liquidity stable in the second half to create a good environment for credit growth.
鈥淐osts of funds are unlikely to rise further as they are currently close to policy rates,鈥 Xia said.
鈥淥n the other hand, they are unlikely to return to the low level of the first half and might fluctuate around policy rates.鈥
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