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Inflationary fears dampen index
By Joyce Pan |
March 12, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped over 1 percent today, paring a weekly gain, amid lackluster investor sentiment.
The benchmark Shanghai Composite Index dropped 1.24 percent, or 37.87 points, to close at 3,013.41 points, sending the barometer to a 0.58-percent weekly loss. Turnover continued to shrink to 84.3 billion yuan (US$12.4 billion) from 96.2 billion yuan on Thursday.
Losers outnumbered gainers 759 to 120 and 12 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.38 percent to close at 1,147.44 points.
Analysts said the slack turnover indicated the key index lacked momentum.
"Despite liquidity, the market is concerned that inflationary trends will lead to the tightening of monetary policy to avert asset bubbles," Xiangcai Securities Co wrote in a research note.
Brokerages were among the decliners. China's securities houses can apply for trials of margin trading business from today. A list of qualified brokerages is expected to be announced as early as next week.
Sinolink Securities Co slumped 2.4 percent to 20.24 yuan. CITIC Securities Co eased 0.5 percent to 27.71 yuan. Everbright Securities Co slid 1.6 percent to 27.25 yuan.
Air China, the nation's largest international carrier, lost 4.1 percent to end at 11.16 yuan after saying it plans to raise US$954 million through a private placement to repay debts. China Southern Airlines Co declined 2.3 percent to 6.79 yuan while China Eastern Airlines Corp plunged 2.9 percent to 6.64 yuan.
Elsewhere, China Railway Construction Corp edged down 0.6 percent to 8.39 yuan. The builder of more than half the country's railway network since 1949 said it won rail contracts worth a combined 29.8 billion yuan, equivalent to 17.6 percent of its 2008 revenue.
The benchmark Shanghai Composite Index dropped 1.24 percent, or 37.87 points, to close at 3,013.41 points, sending the barometer to a 0.58-percent weekly loss. Turnover continued to shrink to 84.3 billion yuan (US$12.4 billion) from 96.2 billion yuan on Thursday.
Losers outnumbered gainers 759 to 120 and 12 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.38 percent to close at 1,147.44 points.
Analysts said the slack turnover indicated the key index lacked momentum.
"Despite liquidity, the market is concerned that inflationary trends will lead to the tightening of monetary policy to avert asset bubbles," Xiangcai Securities Co wrote in a research note.
Brokerages were among the decliners. China's securities houses can apply for trials of margin trading business from today. A list of qualified brokerages is expected to be announced as early as next week.
Sinolink Securities Co slumped 2.4 percent to 20.24 yuan. CITIC Securities Co eased 0.5 percent to 27.71 yuan. Everbright Securities Co slid 1.6 percent to 27.25 yuan.
Air China, the nation's largest international carrier, lost 4.1 percent to end at 11.16 yuan after saying it plans to raise US$954 million through a private placement to repay debts. China Southern Airlines Co declined 2.3 percent to 6.79 yuan while China Eastern Airlines Corp plunged 2.9 percent to 6.64 yuan.
Elsewhere, China Railway Construction Corp edged down 0.6 percent to 8.39 yuan. The builder of more than half the country's railway network since 1949 said it won rail contracts worth a combined 29.8 billion yuan, equivalent to 17.6 percent of its 2008 revenue.
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