Investor sentiment dims
By Feng Jianmin and Pan Xiaoyi |
September 2, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell the most in a week as investor worries for the second half of this year overshadowed the positive industrial expansion in August.
The Shanghai Composite Index declined 0.6 percent, or 15.92 points, to close at 2,622.88. Turnover rose to 138.5 billion yuan (US$20.4 billion) from 124.8 billion yuan on Tuesday.
"The sectors that previously performed strongly reversed their gains amid profit-taking, indicating investor confidence in the stock market is lacking," said Wen Lijun, an analyst at Nanjing Securities Co. "The key index still faces pressure on its way up in the midst of uncertain policies."
Pharmaceutical firms led the losers. North China Pharmaceutical Co lost 3.6 percent to 10.58 yuan. Shanghai Modern Pharmaceutical Co shed 2.4 percent to 16.48 yuan.
Blue chips outperformed as the Purchasing Managers' Index, a gauge of industrial activity, gained 0.5 percentage point from a month ago to 51.7 percent in August, the China Federation of Logistics and Purchasing said yesterday.
Steel makers gained on hopes earnings growth may rebound as iron ore prices fell. Baoshan Iron and Steel Co rose 0.8 percent to 6.52 yuan. Beijing Shougang gained 3.1 percent to 4.60 yuan.
The Shanghai Composite Index declined 0.6 percent, or 15.92 points, to close at 2,622.88. Turnover rose to 138.5 billion yuan (US$20.4 billion) from 124.8 billion yuan on Tuesday.
"The sectors that previously performed strongly reversed their gains amid profit-taking, indicating investor confidence in the stock market is lacking," said Wen Lijun, an analyst at Nanjing Securities Co. "The key index still faces pressure on its way up in the midst of uncertain policies."
Pharmaceutical firms led the losers. North China Pharmaceutical Co lost 3.6 percent to 10.58 yuan. Shanghai Modern Pharmaceutical Co shed 2.4 percent to 16.48 yuan.
Blue chips outperformed as the Purchasing Managers' Index, a gauge of industrial activity, gained 0.5 percentage point from a month ago to 51.7 percent in August, the China Federation of Logistics and Purchasing said yesterday.
Steel makers gained on hopes earnings growth may rebound as iron ore prices fell. Baoshan Iron and Steel Co rose 0.8 percent to 6.52 yuan. Beijing Shougang gained 3.1 percent to 4.60 yuan.
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