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Index ends flat over worries about Italy
By Feng Jianmin |
November 16, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended flat yesterday as gains in the power sector were overshadowed by weak performance of blue chips while investors were still worried that Italy may be the next Greece.
The Shanghai Composite Index edged up 0.04 percent to close at 2,529.76 points.
"The speculation that the market will be driven up by easier monetary policies is taking hold but there are still worries about Europe's debt crisis, especially concerns over whether Italy will be the next Greece," said Wen Lijun, an analyst with Nanjing Securities.
Banks weakened after the International Monetary Fund called on China to expand oversight of banks on increasing risks from off-balance sheet lending and a surge in property prices.
China Construction Bank dipped 0.6 percent to 4.83 yuan (76 US cents) after Bank of America Corp, the second largest lender in the United States by assets, agreed to sell most of its remaining stake in the Chinese lender after divesting about 13 billion shares in August. But CCB said the sales of shares would have no impact on its operations.
The Agricultural Bank of China fell 1.1 percent to 2.63 yuan.
Power firms extended gains on hopes China will raise electricity prices to prevent them from making huge losses. Top Energy Co jumped 4.5 percent to 8.88 yuan. GD Power Development Co rose 1.85 percent to 2.75 yuan.
China Petroleum and Chemical Corp, also known as Sinopec, added 0.1 percent to end at 7.60 yuan. Jiangxi Copper Co lost 0.9 percent to close at 28 yuan.
The Shanghai Composite Index edged up 0.04 percent to close at 2,529.76 points.
"The speculation that the market will be driven up by easier monetary policies is taking hold but there are still worries about Europe's debt crisis, especially concerns over whether Italy will be the next Greece," said Wen Lijun, an analyst with Nanjing Securities.
Banks weakened after the International Monetary Fund called on China to expand oversight of banks on increasing risks from off-balance sheet lending and a surge in property prices.
China Construction Bank dipped 0.6 percent to 4.83 yuan (76 US cents) after Bank of America Corp, the second largest lender in the United States by assets, agreed to sell most of its remaining stake in the Chinese lender after divesting about 13 billion shares in August. But CCB said the sales of shares would have no impact on its operations.
The Agricultural Bank of China fell 1.1 percent to 2.63 yuan.
Power firms extended gains on hopes China will raise electricity prices to prevent them from making huge losses. Top Energy Co jumped 4.5 percent to 8.88 yuan. GD Power Development Co rose 1.85 percent to 2.75 yuan.
China Petroleum and Chemical Corp, also known as Sinopec, added 0.1 percent to end at 7.60 yuan. Jiangxi Copper Co lost 0.9 percent to close at 28 yuan.
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