Key index falls to 2-week low despite data
By Lu Nengneng |
February 2, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index fell to a two-week low yesterday despite the better-than-expected industrial data for January as investors were disappointed the pension fund investment in the market was delayed and also on gloomy earnings outlook.
The Shanghai Composite Index dropped below the 10-day moving average during the day and closed 1.07 percent down at 2,268.08, the lowest since January 18.
Liquidity continued to top investor anxieties after the Guangdong Provincial Department of Human Resources and Social Security dispelled speculation that its 100 billion-yuan (US$15.9 billion) pension fund would soon be invested in the market under a nationwide pilot program.
China International Capital Corp had said in a note that the capital injection may extend an upward trend for the market seen before the Lunar New Year holiday.
The bleak 2011 profit outlook of 456 listed companies sank the shares of brokers.
Everbright Securities dropped 2.5 percent to 10.39 yuan and China Merchants Securities fell 2.2 percent to 10.71 yuan.
Though the official Purchasing Managers' Index increased to 50.5 in January from December's 50.3, indicating a revival of industrial activities, metal producers declined as their earnings prospects were seen overshadowed by China's economic uncertainties.
Zijin Mining lost 1.6 percent to 4.37 yuan. Baotou Steel Rare-Earth dived 3.9 percent to 44.73 yuan. The Aluminum Corp of China slumped 3.4 percent to 6.89 yuan.
The Shanghai Composite Index dropped below the 10-day moving average during the day and closed 1.07 percent down at 2,268.08, the lowest since January 18.
Liquidity continued to top investor anxieties after the Guangdong Provincial Department of Human Resources and Social Security dispelled speculation that its 100 billion-yuan (US$15.9 billion) pension fund would soon be invested in the market under a nationwide pilot program.
China International Capital Corp had said in a note that the capital injection may extend an upward trend for the market seen before the Lunar New Year holiday.
The bleak 2011 profit outlook of 456 listed companies sank the shares of brokers.
Everbright Securities dropped 2.5 percent to 10.39 yuan and China Merchants Securities fell 2.2 percent to 10.71 yuan.
Though the official Purchasing Managers' Index increased to 50.5 in January from December's 50.3, indicating a revival of industrial activities, metal producers declined as their earnings prospects were seen overshadowed by China's economic uncertainties.
Zijin Mining lost 1.6 percent to 4.37 yuan. Baotou Steel Rare-Earth dived 3.9 percent to 44.73 yuan. The Aluminum Corp of China slumped 3.4 percent to 6.89 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
