Index closes flat despite positive news
By Wang Yanlin |
November 12, 2011, Saturday
|
Print Edition
Print Edition
REBOUNDING external markets and rising property shares failed to spark the Shanghai stock market, which ended flat yesterday, on concern Sinochem Corp's initial public offering will divert funds from other equities.
The Shanghai Composite Index edged up less than 0.1 percent to close at 2,481.08 points. For this week, however, it ended 1.9 percent lower, ending a streak of weekly gains in the previous two weeks.
Sinochem announced plans to raise up to US$5.5 billion in what would be China's largest IPO this year, raising liquidity worries.
Property shares, however, got a boost after the People's Bank of China said late Thursday that China will for the first time legalize private lending to help smaller enterprises get access to loans.
"For cash-strapped real estate developers, it is also a piece of good news," said Zhang Gang, an analyst at Southwest Securities Co.
Jiangsu Phoenix Property Investment Co jumped by the daily limit of 10 percent to 7.34 yuan (US$1.16).
Markets in Europe firmed after Greece said former European Central Bank Vice President Lucas Papademos will be prime minister of an interim government, raising hopes of a bailout from the European Union.
Shanghai stocks weakened this week as they were influenced by policy comments and the release of the country's economic data. Premier Wen Jiabao said earlier this week China won't ease its efforts to curb property prices. On Thursday, China said exports grew at their slowest in eight months in October.
The Shanghai Composite Index edged up less than 0.1 percent to close at 2,481.08 points. For this week, however, it ended 1.9 percent lower, ending a streak of weekly gains in the previous two weeks.
Sinochem announced plans to raise up to US$5.5 billion in what would be China's largest IPO this year, raising liquidity worries.
Property shares, however, got a boost after the People's Bank of China said late Thursday that China will for the first time legalize private lending to help smaller enterprises get access to loans.
"For cash-strapped real estate developers, it is also a piece of good news," said Zhang Gang, an analyst at Southwest Securities Co.
Jiangsu Phoenix Property Investment Co jumped by the daily limit of 10 percent to 7.34 yuan (US$1.16).
Markets in Europe firmed after Greece said former European Central Bank Vice President Lucas Papademos will be prime minister of an interim government, raising hopes of a bailout from the European Union.
Shanghai stocks weakened this week as they were influenced by policy comments and the release of the country's economic data. Premier Wen Jiabao said earlier this week China won't ease its efforts to curb property prices. On Thursday, China said exports grew at their slowest in eight months in October.
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