Cautious mood hovers over investors
By Ye Zhen |
April 4, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks fell for a third straight day yesterday amid a cautious sentiment ahead of the three-day Qingming Festival which starts today.
The Shanghai Composite Index shed 0.11 percent to 2,225.30 points, the lowest close since December 27.
"Investors adopted a cautious stance in the last trading day before the holiday and concerns about a contraction in liquidity and a weak-than-expected economic recovery also buffeted the market," said Xu Xiaojing, analyst with BOC International (China) Ltd.
Han Hao, analyst with China Minzu Securities, said investor expectations were hit after the central government tightened curbs on banks and property firms.
Last week, China's banking regulator beefed up oversight on off-balance sheet products to prevent potential risks in the banking system while major Chinese cities issued guidelines on property curbs to tame rising prices.
Poultry stocks suffered as confirmed H7N9 bird flu cases rose to seven. Dahu Aquaculture Co shed 4.2 percent to 7.14 yuan (US$1.15). Hunan New Wellful Co lost 7 percent to 5.82 yuan.
Brokerages fell after the gross profit of 10 major securities firms plunged in 2012. CITIC Securities, the biggest listed broker, fell 1.4 percent to 12.12 yuan, Founder Securities Co declined 2.1 percent to close at 7.33 yuan.
The Shanghai Composite Index shed 0.11 percent to 2,225.30 points, the lowest close since December 27.
"Investors adopted a cautious stance in the last trading day before the holiday and concerns about a contraction in liquidity and a weak-than-expected economic recovery also buffeted the market," said Xu Xiaojing, analyst with BOC International (China) Ltd.
Han Hao, analyst with China Minzu Securities, said investor expectations were hit after the central government tightened curbs on banks and property firms.
Last week, China's banking regulator beefed up oversight on off-balance sheet products to prevent potential risks in the banking system while major Chinese cities issued guidelines on property curbs to tame rising prices.
Poultry stocks suffered as confirmed H7N9 bird flu cases rose to seven. Dahu Aquaculture Co shed 4.2 percent to 7.14 yuan (US$1.15). Hunan New Wellful Co lost 7 percent to 5.82 yuan.
Brokerages fell after the gross profit of 10 major securities firms plunged in 2012. CITIC Securities, the biggest listed broker, fell 1.4 percent to 12.12 yuan, Founder Securities Co declined 2.1 percent to close at 7.33 yuan.
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