Index fails to close past 3,000
By Pan Xiaoyi |
February 3, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday reversed earlier gains, closing lower for a third day after it failed to conquer the 3,000-point mark.
The Shanghai Composite Index dipped 0.23 percent, or 6.65 points, to 2,934.71, the lowest close in more than three months. Turnover tumbled to 53.3 billion yuan (US$7.8 billion) yuan from 103.8 billion yuan.
The barometer has lost 10 percent so far this year on concerns China will tighten its monetary policy to curb inflation and asset bubbles.
"Investor confidence was weak after the index continued to decline while some investors waited eagerly to cash in on a rebound, which weighed on the gauge," said Luo Yanping, an analyst at Shanghai Shiji Investment Advisory Co.
Property firms led the fall as China Banking Regulatory Commission has reportedly asked banks to monitor loans to prevent them flowing into the realty market.
Shanghai-based Shimao Co lost 2.7 percent to 13.89 yuan and Shanghai Lujiazui Finance & Trade Zone fell 1.3 percent to 22.16 yuan.
The Shanghai Composite Index dipped 0.23 percent, or 6.65 points, to 2,934.71, the lowest close in more than three months. Turnover tumbled to 53.3 billion yuan (US$7.8 billion) yuan from 103.8 billion yuan.
The barometer has lost 10 percent so far this year on concerns China will tighten its monetary policy to curb inflation and asset bubbles.
"Investor confidence was weak after the index continued to decline while some investors waited eagerly to cash in on a rebound, which weighed on the gauge," said Luo Yanping, an analyst at Shanghai Shiji Investment Advisory Co.
Property firms led the fall as China Banking Regulatory Commission has reportedly asked banks to monitor loans to prevent them flowing into the realty market.
Shanghai-based Shimao Co lost 2.7 percent to 13.89 yuan and Shanghai Lujiazui Finance & Trade Zone fell 1.3 percent to 22.16 yuan.
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