Key stock index slips to four-month low
By Vera Ye |
April 27, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks declined to their lowest in four months yesterday as investors took a cautious attitude ahead of the May Day holiday.
The Shanghai Composite Index fell 0.97 percent to 2,177.91, the lowest close since December 24. The key index lost 2.62 percent for this month.
"Risk aversion has been rising in the market as the holiday approached, and the sharp decline in shares that were strong in the earlier session indicated that investors were choosing to leave the market to secure profits," Guosen Securities said.
Domestic stock markets will be closed for the next five days - over the weekend and the three-day May Day holiday.
Jing Ulrich, JPMorgan's managing director and chairman of China equities and commodities, said investors have been taking a wait-and-watch stance as the key index stayed between 2,200 and 2,450 points in the past three months. That cautious sentiment is likely to continue after China posted lackluster first-quarter data.
China's economy expanded 7.7 percent in the first quarter, short of the market expectation of 8.2 percent.
PetroChina Co lost 0.5 percent to 8.48 yuan (US$1.38) after saying first-quarter ear-nings slumped 8 percent.
The Shanghai Composite Index fell 0.97 percent to 2,177.91, the lowest close since December 24. The key index lost 2.62 percent for this month.
"Risk aversion has been rising in the market as the holiday approached, and the sharp decline in shares that were strong in the earlier session indicated that investors were choosing to leave the market to secure profits," Guosen Securities said.
Domestic stock markets will be closed for the next five days - over the weekend and the three-day May Day holiday.
Jing Ulrich, JPMorgan's managing director and chairman of China equities and commodities, said investors have been taking a wait-and-watch stance as the key index stayed between 2,200 and 2,450 points in the past three months. That cautious sentiment is likely to continue after China posted lackluster first-quarter data.
China's economy expanded 7.7 percent in the first quarter, short of the market expectation of 8.2 percent.
PetroChina Co lost 0.5 percent to 8.48 yuan (US$1.38) after saying first-quarter ear-nings slumped 8 percent.
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