Index dips for 1st time in 5 days
By Feng Jianmin |
April 12, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index dipped for the first time in five days, led by property developers and car makers but energy producers gained on rising prices.
The Shanghai Composite Index edged down 0.2 percent to close at 3,022.75 points after rising 0.8 percent by the noon break.
"Market sentiment improved in the morning on better trade data, but there is pressure as the index approached previous highs," said Zhang Gang, an analyst with Central China Securities. "The stock market may stay around the current level amid worries over inflation and possible further tightening policies."
Imports in the first three months jumped 32.6 percent from a year ago to a record 400.7 billion yuan (US$61.3 billion), while exports rose 26.5 percent to 399.6 billion yuan, the General Administration of Customs said on Sunday.
The National Bureau of Statistics is due to release major economic data, including inflation, on Friday.
Property developers were weak as Premier Wen Jiabao on Sunday urged local governments to tighten their property markets to maintain social stability.
Poly Real Estate Group Co, China's second-largest listed property firm, fell 2.2 percent to 14.07 yuan. Gemdale Corp dipped 2.2 percent to close at 6.83 yuan.
The Shanghai Composite Index edged down 0.2 percent to close at 3,022.75 points after rising 0.8 percent by the noon break.
"Market sentiment improved in the morning on better trade data, but there is pressure as the index approached previous highs," said Zhang Gang, an analyst with Central China Securities. "The stock market may stay around the current level amid worries over inflation and possible further tightening policies."
Imports in the first three months jumped 32.6 percent from a year ago to a record 400.7 billion yuan (US$61.3 billion), while exports rose 26.5 percent to 399.6 billion yuan, the General Administration of Customs said on Sunday.
The National Bureau of Statistics is due to release major economic data, including inflation, on Friday.
Property developers were weak as Premier Wen Jiabao on Sunday urged local governments to tighten their property markets to maintain social stability.
Poly Real Estate Group Co, China's second-largest listed property firm, fell 2.2 percent to 14.07 yuan. Gemdale Corp dipped 2.2 percent to close at 6.83 yuan.
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