Key index ends flat as investors cautious
Print Edition
SHANGHAI stocks ended generally flat yesterday as investors took a cautious stance ahead of the weeklong Spring Festival holiday which starts tomorrow.
The Shanghai Composite Index added 0.56 percent, or 11.4 points, to 2,049.91.
“The market is trading in a narrow range as investors are less willing to buy and sell before the weeklong Spring Festival holiday,” said Hou Yingmin, analyst at Aijian Securities.
He added the stock market has “stabilized after the central bank pumped 150 billion yuan (US$24.6 billion) through reverse repurchase agreements and the first batch of initial public offerings is almost complete.”
Banks rose as the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China extended 430 billion yuan in new yuan lending as of Sunday, up 10 percent from a year earlier, the Shanghai Securities News said yesterday.
China Minsheng Banking Corp rose 2.6 percent to 7.38 yuan. BOC added 1.6 percent to 2.53 yuan, and AgBank rose 1.3 percent to 2.40 yuan.
Cyclical shares fell as recent economic data indicated the world’s second-biggest economy was losing momentum. Datong Coal Industry Co shed 2.6 percent to 4.85 yuan. Yang Quan Coal Industry (Group) Co fell 1.9 percent to close at 6.14 yuan.
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