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Caution the key ahead of holiday
By Feng Jianmin and Pan Xiaoyi |
September 22, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed almost unchanged yesterday, the last trading day for this week, which also saw transaction volume tumble as investors remained cautious ahead of a holiday.
The Shanghai Composite Index edged up 0.11 percent, or 2.84 points, to close at 2,591.55. Turnover dropped to 66.3 billion yuan (US$9.9 billion) from Monday's 89.8 billion yuan.
Investors decided to play safe due to uncertainties over policy direction and also because the market will be closed from today till Friday for the Mid-Autumn Festival.
"Investors tend to wait and see as there are many uncertainties hovering over the local bourse such as the yuan exchange rate, the situation in overseas markets and possible tightening policies to rein in speculation in the property market," Shandong Shenguang Securities Co said in a research note.
Property developers were mixed on a rumor that the government may try out a property tax after the holiday. Gemdale Corp gained 0.2 percent to 5.93 yuan. Poly Real Estate edged down 0.2 percent to 10.78 yuan.
Banks were somewhat flat on news that regulators were planning to introduce new measures regarding the capital quality of lenders. The Agricultural Bank of China fell 0.4 percent to 2.59 yuan, and China Merchants Bank dipped 0.2 percent to 12.87 yuan.
The Shanghai Composite Index edged up 0.11 percent, or 2.84 points, to close at 2,591.55. Turnover dropped to 66.3 billion yuan (US$9.9 billion) from Monday's 89.8 billion yuan.
Investors decided to play safe due to uncertainties over policy direction and also because the market will be closed from today till Friday for the Mid-Autumn Festival.
"Investors tend to wait and see as there are many uncertainties hovering over the local bourse such as the yuan exchange rate, the situation in overseas markets and possible tightening policies to rein in speculation in the property market," Shandong Shenguang Securities Co said in a research note.
Property developers were mixed on a rumor that the government may try out a property tax after the holiday. Gemdale Corp gained 0.2 percent to 5.93 yuan. Poly Real Estate edged down 0.2 percent to 10.78 yuan.
Banks were somewhat flat on news that regulators were planning to introduce new measures regarding the capital quality of lenders. The Agricultural Bank of China fell 0.4 percent to 2.59 yuan, and China Merchants Bank dipped 0.2 percent to 12.87 yuan.
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