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Index slips 1.02% ahead of pivotal conference
By Ye Zhen |
December 13, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI shares slumped the most in more than a week today amid uncertainty ahead of a crucial economic meeting to be held this weekend.
The key Shanghai Composite Index fell 1.02 percent, the biggest slide since December 3, to close at 2,061.48 points. Daily turnover was 52.2 billion yuan (US$8.4 billion).
"Investors adopted a wait-and-see stance before the Central Economic Work Conference that may yield clues about future policies," said Yang Liu, an analyst with Qilu Securities.
China is likely to hold the annual economic meeting on December 15 and 16, at which China's top policymakers will assess the current state of the economy and set the tone for the next year's economic policies, the Reuters reported, citing an unnamed government think tank.
After the meeting, there will be a high-level reshuffle with new appointments of the central bank governor, finance minister, and directors of some financial institutions.
Non-ferrous metals producers led the losers. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 2.7 percent to 31.89 yuan. Rising Nonferrous Metals Share Co slipped 3 percent to 38.41 yuan.
Brokerages also declined. CITIC Securities, China's biggest listed brokerage, shed 0.7 percent to 10.74 yuan. Founder Securities Co lost 2.6 percent to 3.82 yuan. Soochow Securities Co sank 2.9 percent to 6.69 yuan.
The key Shanghai Composite Index fell 1.02 percent, the biggest slide since December 3, to close at 2,061.48 points. Daily turnover was 52.2 billion yuan (US$8.4 billion).
"Investors adopted a wait-and-see stance before the Central Economic Work Conference that may yield clues about future policies," said Yang Liu, an analyst with Qilu Securities.
China is likely to hold the annual economic meeting on December 15 and 16, at which China's top policymakers will assess the current state of the economy and set the tone for the next year's economic policies, the Reuters reported, citing an unnamed government think tank.
After the meeting, there will be a high-level reshuffle with new appointments of the central bank governor, finance minister, and directors of some financial institutions.
Non-ferrous metals producers led the losers. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 2.7 percent to 31.89 yuan. Rising Nonferrous Metals Share Co slipped 3 percent to 38.41 yuan.
Brokerages also declined. CITIC Securities, China's biggest listed brokerage, shed 0.7 percent to 10.74 yuan. Founder Securities Co lost 2.6 percent to 3.82 yuan. Soochow Securities Co sank 2.9 percent to 6.69 yuan.
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