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Liquidity concern weighs on Shanghai stocks
By Ye Zhen |
November 27, 2012, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks declined this morning amid concerns about market liquidity although data showed accelerated growth in industrial profit.
The key Shanghai Composite Index lost 0.95 percent, or 19.26 points, to 1,998.20 points. Turnover reached 20.5 billion yuan (US$3.3 billion) by midday.
The combined profit of China's major industrial companies rose 0.5 percent in the first ten months of this year, compared with a 1.8 percent drop in the January-September period, the National Bureau of Statistics said today.
Industrial profit posted an annual gain of 20.5 percent to 500 billion yuan in October, up sharply from September's increase of 7.8 percent.
Although the new data indicated China's economy is recovering, it can hardly boost the stock market, analyst said.
"A moderate rebound in economic fundamentals is not likely to lift the stock index in the short term, especially during a policy vacuum. Concerns over a year-end liquidity crunch remain the prime barrier for the market," said Changjiang Securities.
Media and entertainment companies declined the most. JiShi Media Co slumped 5.5 percent to 7.02 yuan. Bestv New Media Co lost 3.5 percent to 14.22 yuan. Jiangsu Phoenix Publishing & Media Co shed 2.1 percent to 6.40 yuan.
Railway-related stocks advanced after the National Development and Reform Commission approved a number of subway projects worth more than 75 billion yuan. Jinxi Axle Co rose 2.4 percent to 13.38 yuan. Gem-Year Industrial Co added 1.4 percent to 10.24 yuan.
The key Shanghai Composite Index lost 0.95 percent, or 19.26 points, to 1,998.20 points. Turnover reached 20.5 billion yuan (US$3.3 billion) by midday.
The combined profit of China's major industrial companies rose 0.5 percent in the first ten months of this year, compared with a 1.8 percent drop in the January-September period, the National Bureau of Statistics said today.
Industrial profit posted an annual gain of 20.5 percent to 500 billion yuan in October, up sharply from September's increase of 7.8 percent.
Although the new data indicated China's economy is recovering, it can hardly boost the stock market, analyst said.
"A moderate rebound in economic fundamentals is not likely to lift the stock index in the short term, especially during a policy vacuum. Concerns over a year-end liquidity crunch remain the prime barrier for the market," said Changjiang Securities.
Media and entertainment companies declined the most. JiShi Media Co slumped 5.5 percent to 7.02 yuan. Bestv New Media Co lost 3.5 percent to 14.22 yuan. Jiangsu Phoenix Publishing & Media Co shed 2.1 percent to 6.40 yuan.
Railway-related stocks advanced after the National Development and Reform Commission approved a number of subway projects worth more than 75 billion yuan. Jinxi Axle Co rose 2.4 percent to 13.38 yuan. Gem-Year Industrial Co added 1.4 percent to 10.24 yuan.
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