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Index declines to 14-month low
By Feng Jianmin |
September 29, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday dropped to a 14-month low on gloomy sentiment ahead of the week-long holiday next week, with railway firms and property developers declining.
The Shanghai Composite Index dipped 1 percent to 2,392.06 points, the lowest since July 2010.
"China's market will remain weak before any stimulus from policy makers," said Chen Yong, an analyst at Lianxun Securities. The Shanghai market will be closed from Saturday to October 9 for the National Day holiday, and reopens on October 10.
UBS Securities said in a report on Tuesday that the slump in the Chinese stock market will continue into the fourth quarter of this year as listed companies are likely to see weaker earnings prospects.
Railway-related shares dropped after the Ministry of Railways decided to postpone the sale of 20 billion yuan (US$3.1 billion) in corporate bonds until October 12 due to tight market liquidity.
Concerns over railway safety deepened after two subway trains collided in Shanghai on Tuesday. The signaling system provider, Casco Signal Ltd, was also blamed for causing the fatal bullet train collision in Wenzhou on July 23, killing 40 people.
Railcar makers CSR Corp and China CNR Corp both sank by 1.7 percent to 4.64 yuan and 4.70 yuan respectively. China Railway Construction Corp lost 0.9 percent to 4.44 yuan.
The Shanghai Composite Index dipped 1 percent to 2,392.06 points, the lowest since July 2010.
"China's market will remain weak before any stimulus from policy makers," said Chen Yong, an analyst at Lianxun Securities. The Shanghai market will be closed from Saturday to October 9 for the National Day holiday, and reopens on October 10.
UBS Securities said in a report on Tuesday that the slump in the Chinese stock market will continue into the fourth quarter of this year as listed companies are likely to see weaker earnings prospects.
Railway-related shares dropped after the Ministry of Railways decided to postpone the sale of 20 billion yuan (US$3.1 billion) in corporate bonds until October 12 due to tight market liquidity.
Concerns over railway safety deepened after two subway trains collided in Shanghai on Tuesday. The signaling system provider, Casco Signal Ltd, was also blamed for causing the fatal bullet train collision in Wenzhou on July 23, killing 40 people.
Railcar makers CSR Corp and China CNR Corp both sank by 1.7 percent to 4.64 yuan and 4.70 yuan respectively. China Railway Construction Corp lost 0.9 percent to 4.44 yuan.
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