Caution continues to hang over shares
Print Edition
SHANGHAI stocks ended nearly flat yesterday as investors continued to be cautious amid worries about economic growth and the resumption of new share sales.
The Shanghai Composite Index edged up 0.03 percent to 2,030.5 points.
Although the market sentiment improved slightly, investor concerns about the restart of initial public offerings and uncertainties over economic outlook will still weigh on the market this week, said Yu Cheng, analyst of Northeast Securities.
China’s imports fell 1.6 percent from a year earlier, reversing a gain of 0.8 percent in April and against market hopes of a 6 percent rise, data released by the General Administration of Customs over the weekend showed. The drop pointed to still weak domestic demand. Exports, however, grew 7 percent year on year in May, from a marginal gain of 0.9 percent in April.
Nonferrous metal producers rose after the Ministry of Land and Resources said China plans to boost rare earth materials output by 12 percent this year from 2013.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech rose 0.8 percent to 19.26 yuan (US$3.09).
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