Index posts longest stretch of declines
By Lydia Chen |
May 27, 2011, Friday
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Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for a sixth day, its longest stretch of losses in 11 months, led by oil producers in a thinly traded market clouded by concerns about waning economic growth and tighter credit controls.
The Shanghai Composite Index shed 0.2 percent to 2,736.53, the lowest since January 26. The six-day decline is the longest since July 1.
Kang Hongtao, an analyst at Guoyuan Securities Co, forecast the bearish market to continue.
"There's not likely to be any momentum or rebound in June," Kang said. "Because companies' earning reports for the second quarter wouldn't be encouraging to investors."
He also cited that authorities are waiting for a decision by the United States at the end of June when the US's money easing policy is due to expire. "This leaves a lot of uncertainties for the whole month," he added.
Huaxin Cement Co, the Chinese affiliate of Holcim Ltd, fell 2.9 percent to 22.19 yuan (US$3.42) on a report by Shanghai Securities News yesterday that China's industrial output may slow.
Offshore Oil Engineering Co, a unit of CNOOC, slid 4.9 percent to 6.42 yuan, the lowest close since August 27.
Investors are worried about credit controls that make it harder for small companies to borrow money.
China Investment Capital Corp warned in a note yesterday that the stock market may face a further tumble because liquidity will remain tight.
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