Index likely to decline on lackluster sentiment
By Pan Xiaoyi |
May 10, 2010, Monday
|
Print Edition
Print Edition
CHINESE stocks are likely to extend losses this week amid lukewarm investor confidence which has been hit by a sluggish stock performance in both the A-share market and neighboring markets overseas last week, according to analysts.
The Shanghai Composite Index lost 6.3 percent last week to an eight-month closing low of 2,688.38, the biggest weekly loss this year as the central government strengthened efforts to clamp down on property speculation.
"Major brokerage CITIC Securities Co plunged 24 percent last week, hurting investor confidence in the financial sector while individual property developers started to offer discounts to home buyers in a signal the central government's harsher measures were taking effect," said Yi Xiaobing, a Galaxy Securities Co analyst.
"Financial counters and real estate developers are seen to remain slack" this week, according to Yi.
The Shanghai Composite Index lost 6.3 percent last week to an eight-month closing low of 2,688.38, the biggest weekly loss this year as the central government strengthened efforts to clamp down on property speculation.
"Major brokerage CITIC Securities Co plunged 24 percent last week, hurting investor confidence in the financial sector while individual property developers started to offer discounts to home buyers in a signal the central government's harsher measures were taking effect," said Yi Xiaobing, a Galaxy Securities Co analyst.
"Financial counters and real estate developers are seen to remain slack" this week, according to Yi.
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