Investors ends index's 2-day rally
By Wang Yanlin |
April 12, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday ended a two-day rally on low investor sentiment despite an unexpected rise in new loans and money supply in March.
The Shanghai Composite Index lost 0.3 percent, or 6.58 points, to end at 2,219.55. The index has slid 8.8 percent from a February 6 high amid concern steps to cool property prices will drag on economic growth.
"The market is adjusting," said Qiu Gaoqin, an analyst at the Bank of Communications. "The good economic data are encouraging but they can't sustain the market if investors feel uncertain about the future."
Jiangxi Copper Co, the country's biggest producer of the metal, lost 1.6 percent, the most in one week, to 22.09 yuan (US$3.56) after copper for August delivery on the Shanghai Futures Exchange fell 0.5 percent to close at 54,890 yuan a ton. Aluminum Corp of China Ltd shed 2.8 percent, the most in two weeks, to 4.22 yuan.
The Shanghai Composite Index lost 0.3 percent, or 6.58 points, to end at 2,219.55. The index has slid 8.8 percent from a February 6 high amid concern steps to cool property prices will drag on economic growth.
"The market is adjusting," said Qiu Gaoqin, an analyst at the Bank of Communications. "The good economic data are encouraging but they can't sustain the market if investors feel uncertain about the future."
Jiangxi Copper Co, the country's biggest producer of the metal, lost 1.6 percent, the most in one week, to 22.09 yuan (US$3.56) after copper for August delivery on the Shanghai Futures Exchange fell 0.5 percent to close at 54,890 yuan a ton. Aluminum Corp of China Ltd shed 2.8 percent, the most in two weeks, to 4.22 yuan.
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