Key index closes flat as losses erase gains
By Ding Yining and Feng Jianmin |
April 13, 2011, Wednesday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday fell for a second day as losses in the commodity sector erased gains made by power producers.
The Shanghai Composite Index dipped 0.1 percent, or 1.38 points, to close at 3,021.37.
The People's Bank of China, the central bank, issued 65 billion yuan worth of bills yesterday, with interest rate 0.1 percentage point above the benchmark deposit rates. Market watchers suspected that the PBOC would raise reserve requirement ratio again if it cannot withdraw money effectively through open market operations to control liquidity.
"Trading is thin and investors are cautions." GF Securities wrote in a note.
"The stock market will be greatly influenced by the inflation and economic growth data to be released this Friday."
Energy producers gained on speculation the government will raise on-grid electricity prices within the next couple of days.
Huaneng Power International Co jumped 7.21 percent to 6.10 yuan. Huadian Power International Co Ltd advanced 3.06 percent to 4.04 yuan. Shanghai Electric Power surged by the daily limit of 10 percent to close at 4.93 yuan.
Gold miners dimmed from earlier gains after the bullion price shed 0.4 percent to US$1,468 an ounce.
Shandong Gold Mining Co fell 2.85 percent to 51.48 yuan. Zhongjin Gold Mining Co lost 2.20 percent to finish at 36.89 yuan.
The Shanghai Composite Index dipped 0.1 percent, or 1.38 points, to close at 3,021.37.
The People's Bank of China, the central bank, issued 65 billion yuan worth of bills yesterday, with interest rate 0.1 percentage point above the benchmark deposit rates. Market watchers suspected that the PBOC would raise reserve requirement ratio again if it cannot withdraw money effectively through open market operations to control liquidity.
"Trading is thin and investors are cautions." GF Securities wrote in a note.
"The stock market will be greatly influenced by the inflation and economic growth data to be released this Friday."
Energy producers gained on speculation the government will raise on-grid electricity prices within the next couple of days.
Huaneng Power International Co jumped 7.21 percent to 6.10 yuan. Huadian Power International Co Ltd advanced 3.06 percent to 4.04 yuan. Shanghai Electric Power surged by the daily limit of 10 percent to close at 4.93 yuan.
Gold miners dimmed from earlier gains after the bullion price shed 0.4 percent to US$1,468 an ounce.
Shandong Gold Mining Co fell 2.85 percent to 51.48 yuan. Zhongjin Gold Mining Co lost 2.20 percent to finish at 36.89 yuan.
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