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July 17, 2009

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Investors take profit and index declines

SHANGHAI'S key stock index ended lower yesterday as profit taking pulled the market down in the afternoon.

The Shanghai Composite Index shed 0.15 percent, or 4.81 points, to close at 3,183.74 points. Turnover rose slightly to 218.41 billion yuan (US$32.12 billion) from 217.65 billion yuan.

Encouraging economic data for the second quarter boosted the barometer earlier to reach an intraday high of 3,221.07 points. But shares then fluctuated and turned south near the closing as investors were eager to take profit at a high of around 3,200 points.

China's gross domestic product rose 7.9 percent in the second quarter from a year earlier, shored up by the 4 trillion yuan stimulus package and soaring new credit, according to the National Bureau of Statistics. The growth figure has beaten economists' expectations and was near the nation's full-year goal of 8 percent expansion.

''The government's boosting measures are paying off, judging from the financial data,'' said Huang Fuqun, an analyst at Jiangnan Securities Co.

''The recent bullish market was bolstered by optimistic expectations of a smooth economic recovery. But we are concerned whether the enthusiasm could be sustained in the second half when the economy stabilized,'' he said.

Auto makers led losers. Shenyang Jinbei Automotive Co dipped 2.83 percent to 4.46 yuan, Dongfeng Automobile Co tumbled 2.78 percent to 5.24 yuan, Beiqi Foton Motor Co lost 1.15 percent to 15.41 yuan and SAIC Motor Corp slid 2.97 percent to 18.97 yuan.


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