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Decline in key index a technical correction
By Lydia Chen |
February 19, 2011, Saturday
|
Print Edition
Print Edition
PROFIT-TAKING snapped a five-day rally on the Shanghai stock market yesterday, dragging the key stock index off a two-month high, but analysts were not too worried about the drop which they viewed as a technical correction following previous hefty gains.
The benchmark Shanghai Composite Index fell 0.9 percent to 2,899.79. Turnover declined to 142 billion yuan (US$21.58 billion) from Thursday's 169 billion yuan.
The barometer gained 2.6 percent for the week.
"The market is under a lot of pressure as investors are scrambling to dump shares for a quick profit around the 2,900 mark," said Zhang Qi, an analyst with Haitong Securities.
Agriculture shares were among stocks that investors disposed. A sub-index for the agriculture sector shrank 1.9 percent yesterday.
Hunan Jinjian Cereals Industry tumbled 5.22 percent to 8.90 yuan.
Banks also pulled the index lower amid concerns over a possible increase in the reserve requirement ratio.
China's central bank announced a rise in the ratio after the market closed, 10 days after an interest rate hike.
The Agricultural Bank of China dipped 0.8 percent to 2.65 yuan, and China Everbright Bank fell 1.5 percent to finish at 3.97 yuan.
The benchmark Shanghai Composite Index fell 0.9 percent to 2,899.79. Turnover declined to 142 billion yuan (US$21.58 billion) from Thursday's 169 billion yuan.
The barometer gained 2.6 percent for the week.
"The market is under a lot of pressure as investors are scrambling to dump shares for a quick profit around the 2,900 mark," said Zhang Qi, an analyst with Haitong Securities.
Agriculture shares were among stocks that investors disposed. A sub-index for the agriculture sector shrank 1.9 percent yesterday.
Hunan Jinjian Cereals Industry tumbled 5.22 percent to 8.90 yuan.
Banks also pulled the index lower amid concerns over a possible increase in the reserve requirement ratio.
China's central bank announced a rise in the ratio after the market closed, 10 days after an interest rate hike.
The Agricultural Bank of China dipped 0.8 percent to 2.65 yuan, and China Everbright Bank fell 1.5 percent to finish at 3.97 yuan.
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