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Caution prevails in market as Party congress ends
By Ye Zhen |
November 14, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning as investors were cautious about the outcome of the seven-day 18th Communist Party Congress that drew to a close today.
The key Shanghai Composite Index lost 0.16 percent, or 3.35 point, to 2,044.54 points. Turnover was 16.8 billion yuan (US$2.7 billion) by the noon break, down from yesterday morning's 24.5 billion yuan.
"The falling transaction volume indicates a cautious sentiment still prevailed in the market," said Wanlong Securities.
There are also growing concerns that the market may slump if the Party's congress ended with no new policies to stabilize the market, said Shenyin & Wanguo Securities.
Cement producers were among the big losers after Guotai Junan Securities said fund companies have reduced their holdings of cement stocks. Huaxin Cement Co fell 6.1 percent to 10.77 yuan. Gansu Qilianshan Cement Group Co shed 4.1 percent to 9.40 yuan.
Property developers continued a weak run. Poly Real Estate, China's second largest developer, slipped 2.3 percent to 11.20 yuan. Gemdale Corporation sank 1.7 percent to 5.16 yuan. Zhongzhu Holding Co lost 4.1 percent to 7.87 yuan.
Paper producers gained as a rising yuan will reduce the cost of material imports. Fujian Nanzhi Co surged by the daily limit of 10 percent to 3.85 yuan. Mudanjiang Hengfeng Paper Co increased 1.8 percent to 6.35 yuan.
The key Shanghai Composite Index lost 0.16 percent, or 3.35 point, to 2,044.54 points. Turnover was 16.8 billion yuan (US$2.7 billion) by the noon break, down from yesterday morning's 24.5 billion yuan.
"The falling transaction volume indicates a cautious sentiment still prevailed in the market," said Wanlong Securities.
There are also growing concerns that the market may slump if the Party's congress ended with no new policies to stabilize the market, said Shenyin & Wanguo Securities.
Cement producers were among the big losers after Guotai Junan Securities said fund companies have reduced their holdings of cement stocks. Huaxin Cement Co fell 6.1 percent to 10.77 yuan. Gansu Qilianshan Cement Group Co shed 4.1 percent to 9.40 yuan.
Property developers continued a weak run. Poly Real Estate, China's second largest developer, slipped 2.3 percent to 11.20 yuan. Gemdale Corporation sank 1.7 percent to 5.16 yuan. Zhongzhu Holding Co lost 4.1 percent to 7.87 yuan.
Paper producers gained as a rising yuan will reduce the cost of material imports. Fujian Nanzhi Co surged by the daily limit of 10 percent to 3.85 yuan. Mudanjiang Hengfeng Paper Co increased 1.8 percent to 6.35 yuan.
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