Index slips as markets feel effect of temblor
By Lydia Chen |
March 12, 2011, Saturday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday fell for a second day as markets elsewhere in Asia also dropped following a massive earthquake that hit Japan.
The Shanghai Composite Index managed to reverse morning losses in early afternoon trading. However, it suddenly headed south after a magnitude-8.9 quake struck Japan.
The benchmark closed 0.8 percent lower at 2,933.8. Turnover dipped to 153 billion yuan (US$23.27 billion) from Thursday's 166 billion yuan.
Zhu Bin, an analyst at Tong Xin Securities, said the market will continue to fluctuate around the 3,000-point mark in the short term.
Construction material makers, brokerages and developers led the losers yesterday. Huayuan Property Co slumped 9.5 percent to 7.09 yuan.
China's Consumer Price Index rose 4.9 percent in February, the same as in January, missing the 4 percent inflation target for this year set by the central government.
The annual session of China's parliament is due to close next week. Analysts believe measures announced during the session will boost certain industries.
Sinolink Securities was overweight on drug makers and electronic product makers while China Securities Journal cited analysts as saying that coal producers may see a sales boost from Japan after the country shut down one of its nuclear power stations following the temblor.
The quake in Japan had an immediate impact on regional markets. Hong Kong's benchmark Hang Seng Index fell 1.6 percent yesterday. Japan's Nikkei 225 Stock Average plunged 1.7 percent.
The Shanghai Composite Index managed to reverse morning losses in early afternoon trading. However, it suddenly headed south after a magnitude-8.9 quake struck Japan.
The benchmark closed 0.8 percent lower at 2,933.8. Turnover dipped to 153 billion yuan (US$23.27 billion) from Thursday's 166 billion yuan.
Zhu Bin, an analyst at Tong Xin Securities, said the market will continue to fluctuate around the 3,000-point mark in the short term.
Construction material makers, brokerages and developers led the losers yesterday. Huayuan Property Co slumped 9.5 percent to 7.09 yuan.
China's Consumer Price Index rose 4.9 percent in February, the same as in January, missing the 4 percent inflation target for this year set by the central government.
The annual session of China's parliament is due to close next week. Analysts believe measures announced during the session will boost certain industries.
Sinolink Securities was overweight on drug makers and electronic product makers while China Securities Journal cited analysts as saying that coal producers may see a sales boost from Japan after the country shut down one of its nuclear power stations following the temblor.
The quake in Japan had an immediate impact on regional markets. Hong Kong's benchmark Hang Seng Index fell 1.6 percent yesterday. Japan's Nikkei 225 Stock Average plunged 1.7 percent.
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