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Key index edges up but investors stay cautious
By Lu Nengneng |
December 29, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rebounded and closed slightly up yesterday after earlier falling to the lowest level in two-and-a-half years as investors stay cautious with the approach of the year-end.
The Shanghai Composite Index broke two days of losses, edging up 0.18 percent to close at 2,170.01 points.
Zheng Wenqi and Zhang Haibo, analysts at GF Securities, said in a note that investors were not quite ready to take a long position amid economic uncertainties domestically and overseas.
Banks were mixed over concerns of a liquidity crunch as the People's Bank of China didn't unveil another cut in the bank reserve requirement ratio as expected.
The Industrial Bank lost 0.3 percent to 12.30 yuan. The Industrial and Commercial Bank of China rose 0.5 percent to 4.19 yuan.
Insurers, however, extended yesterday's advance. China Life Insurance, the country's biggest insurer, gained 0.4 percent to 17.24 yuan and Ping An Insurance rose 1 percent to 34.12 yuan.
Brokers also rose. CITIC Securities jumped 1.4 percent to 9.72 yuan. China Merchants Securities gained 1 percent to 10.06 yuan.
Dairy producers fell in the wake of the tainted milk scandal involving Mengniu, a major player in the milk industry.
The Inner Mongolia-based Mengniu Dairy plunged 24 percent in Hong Kong trading to HK$20 (US$2.57).
Taking the cue, Sanyuan Foods lost 2.5 percent to 5.10 yuan and Guangxi Royal Dairy tumbled 3.9 percent to 13.39 yuan.
The Shanghai Composite Index broke two days of losses, edging up 0.18 percent to close at 2,170.01 points.
Zheng Wenqi and Zhang Haibo, analysts at GF Securities, said in a note that investors were not quite ready to take a long position amid economic uncertainties domestically and overseas.
Banks were mixed over concerns of a liquidity crunch as the People's Bank of China didn't unveil another cut in the bank reserve requirement ratio as expected.
The Industrial Bank lost 0.3 percent to 12.30 yuan. The Industrial and Commercial Bank of China rose 0.5 percent to 4.19 yuan.
Insurers, however, extended yesterday's advance. China Life Insurance, the country's biggest insurer, gained 0.4 percent to 17.24 yuan and Ping An Insurance rose 1 percent to 34.12 yuan.
Brokers also rose. CITIC Securities jumped 1.4 percent to 9.72 yuan. China Merchants Securities gained 1 percent to 10.06 yuan.
Dairy producers fell in the wake of the tainted milk scandal involving Mengniu, a major player in the milk industry.
The Inner Mongolia-based Mengniu Dairy plunged 24 percent in Hong Kong trading to HK$20 (US$2.57).
Taking the cue, Sanyuan Foods lost 2.5 percent to 5.10 yuan and Guangxi Royal Dairy tumbled 3.9 percent to 13.39 yuan.
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