Shanghai shares down 0.12 percent today

By Leng Cheng | March 10, 2017, Friday |

Online Edition

SHANGHAI shares extended its loss today, sending the weekly performance 0.17 percent lower.

The Shanghai Composite Index dropped 0.12 percent to 3,212.76 points at the close, with infrastructure and energy shares dragging the benchmark.

China State Construction Engineering Corp decreased 1.03 percent to 8.62 yuan (US$1.25), while China Petroleum and Chemical Corp, the nation's top refiner, down 1.61 percent to 5.51 yuan.

Analysts said that liquidity concerns linger market sentiment, as Zhou Xiaochuan, governor of China's central bank, told a news conference in the morning that China will keep a neutral monetary policy, which indicated a relatively tight liquidity condition.

Investors are also cautious ahead of a likely interest rate hike in the US, as the market assume that a stronger US dollar could add further pressures on emerging markets such as China. Market expectations on the hike tracked by Bloomberg had risen to nearly 100 percent by Friday.

Looking ahead, Gao Ting, chief strategist at UBS Securities Co, said the Shanghai gauge would be traded flat next week, as investors are in a wait-and-see mode for further policies or regulations.

While Shenwan Hongyuan Securities Co said in a report today that the benchmark will head for a downward trend if there's no further news from the National People's Congress meetings in the second week.

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Shanghai shares down 0.12 percent today

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