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Key index minimizes losses after morning trading slump
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SHANGHAI stocks rallied from a morning slump to end just 0.04 percent lower yesterday as strong performance by telecom firms and brokerages erased losses in the property sector.
The benchmark Shanghai Composite Index closed at 2,205.77 points.
“Further opening-up policies in various industry sectors will play a crucial role in China’s economic restructuring and will boost investor confidence in the long term, although the stock market may fluctuate for a few days,” Changjiang Securities said in a research note.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, a preliminary indicator of China’s industrial activity, fell for the first time in eight months to 50.4 in November from October’s 50.9, which, Changjiang Securities said, led investors to stay rational after the stock rally on Monday.
Property firms went south after the State Council said this week that it will push forward the establishment of a real property registration system.
Poly Real Estate Group, the country’s second-largest listed developer, fell 3.03 percent to 8.96 yuan (US$1.47).
Telecommunication facility and equipment providers were among the gainers on news that the Ministry of Industry and Information Technology will allocate licenses for the 4G mobile communications network as early as next week.
Datang Telecom Technology Co surged by the daily 10 percent limit yesterday.
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