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Index falls ahead of policy meet
By Ye Zhen |
December 14, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI shares fell the most in over a week yesterday amid cautious sentiment ahead of an important policy meeting that is set to be held at the weekend.
The Shanghai Composite fell 1.02 percent, the biggest slide since December 3, to close at 2,061.48 points.
"Investors adopted a wait-and-see stance before the central economic work meeting that may yield clues about future policies," said Yang Liu, an analyst with Qilu Securities.
China is likely to hold the annual meeting tomorrow and Sunday for the country's top policymakers to assess the state of the economy and set the tone for next year's economic policies, Reuters reported, citing an unnamed government think tank.
Meanwhile, Shenyin and Wanguo Securities said the market also fell on profit taking.
Gold stocks dimmed as the gold price fell 1 percent to below US$1,700 an ounce after the US Federal Reserve unveiled a new bond-buying program.
Zijin Mining Group Co, the nation's largest gold producer, lost 1.9 percent to end at 3.65 yuan (58 US cents). Shandong Gold Mining Co dropped 3.7 percent to close at 35.93 yuan.
The Shanghai Composite fell 1.02 percent, the biggest slide since December 3, to close at 2,061.48 points.
"Investors adopted a wait-and-see stance before the central economic work meeting that may yield clues about future policies," said Yang Liu, an analyst with Qilu Securities.
China is likely to hold the annual meeting tomorrow and Sunday for the country's top policymakers to assess the state of the economy and set the tone for next year's economic policies, Reuters reported, citing an unnamed government think tank.
Meanwhile, Shenyin and Wanguo Securities said the market also fell on profit taking.
Gold stocks dimmed as the gold price fell 1 percent to below US$1,700 an ounce after the US Federal Reserve unveiled a new bond-buying program.
Zijin Mining Group Co, the nation's largest gold producer, lost 1.9 percent to end at 3.65 yuan (58 US cents). Shandong Gold Mining Co dropped 3.7 percent to close at 35.93 yuan.
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