Key index closes flat as losses offset gains
By Joyce Pan |
November 13, 2009, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed flat yesterday as a slack performance in heavyweight shares offset the gains made by medium and small companies.
The Shanghai Composite Index lost 0.07 percent, or 2.25 points, to close at 3,172.95, after hitting a high of 3,199.87. Turnover rose to 152.8 billion yuan (US$23.9 billion) from 144.5 billion yuan. Gainers outnumbered losers 482 to 367, and 25 stocks were unchanged.
"Heavyweights lacked the momentum to go upward and restricted the rebound of the key index," said He Yong, an analyst from S&E Securities Brokerage. "The gauge faces increasing technical resistance with weak heavyweights and may correct in the near term."
Analysts said the index made several attempts to conquer the 3,200 points but failed due to the sluggish heavyweights.
Lenders and property developers led the decline as previous gains have outpaced earnings performance.
Shanghai Pudong Development Bank shed 0.6 percent to 23.11 yuan and China Construction Bank dipped 0.5 percent to close at 5.95 yuan.
Gemdale Corporation lost 1 percent to 15.93 yuan while Poly Real Estate Group fell 1.4 percent to 26.27 yuan.
PetroChina, the biggest component in the index, eased 0.4 percent to 13.51 yuan.
The Shanghai Composite Index lost 0.07 percent, or 2.25 points, to close at 3,172.95, after hitting a high of 3,199.87. Turnover rose to 152.8 billion yuan (US$23.9 billion) from 144.5 billion yuan. Gainers outnumbered losers 482 to 367, and 25 stocks were unchanged.
"Heavyweights lacked the momentum to go upward and restricted the rebound of the key index," said He Yong, an analyst from S&E Securities Brokerage. "The gauge faces increasing technical resistance with weak heavyweights and may correct in the near term."
Analysts said the index made several attempts to conquer the 3,200 points but failed due to the sluggish heavyweights.
Lenders and property developers led the decline as previous gains have outpaced earnings performance.
Shanghai Pudong Development Bank shed 0.6 percent to 23.11 yuan and China Construction Bank dipped 0.5 percent to close at 5.95 yuan.
Gemdale Corporation lost 1 percent to 15.93 yuan while Poly Real Estate Group fell 1.4 percent to 26.27 yuan.
PetroChina, the biggest component in the index, eased 0.4 percent to 13.51 yuan.
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