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February 9, 2010

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Home » Business » Finance

Investors cautious before holiday break

SHANGHAI'S market closed lower yesterday and trading remained flat as investors remained cautious ahead of the Lunar New Year holiday.

The Shanghai Composite Index dipped 0.14 percent, or 4.23 points, to close at 2,935.17. Turnover dropped to 73.2 billion yuan (US$10.7 billion) from 111 billion yuan last Friday. Gainers outnumbered losers 469 to 385, and 62 remained unchanged.

"The index is likely to fluctuate between 2,900 and 3,000 points in the near future unless there is a big shift in macroeconomic policies," Capital Securities wrote in a research note.

The banking sector remained flat. Shanghai Pudong Development Bank lost 1.03 percent to 19.22 yuan. The Bank of Communications was down 0.86 percent to 8.08 yuan. China Merchants Bank retreated 2.26 percent to 15.13 yuan.

China may exit the government's economic stimulus in the second quarter or earlier, Chen Dongqi, deputy head of the Chinese Academy of Macroeconomic Research, was cited by Shanghai Securities News yesterday as saying.

Property developers were weak. China Vanke Co, the biggest listed domestic real estate developer, lost 0.87 percent to 9.12 yuan. Shanghai Shimao Co Ltd was down 2.18 percent to 13.94 yuan. Poly Real Estate Group lost 2.25 percent to 18.64 yuan. Airlines were among the gainers after the oil price dropped 2.67 percent to US$71.19 per barrel. China Eastern Airlines advanced 3.43 percent to 6.03 yuan. Hainan Airlines rallied 4.78 percent to 7.89 yuan.


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