Local market ends flat
By Staff Reporter |
June 11, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed almost flat yesterday, after China reported rises in last month's imports and exports and real estate developers gained on improved sales.
The Shanghai Composite Index edged up 0.1 percent to 2,705.14 points.
The gauge fell 0.8 percent this week, touching the lowest in four months on Thursday, on concerns over a possible interest rate hike this month.
China's customs said imports grew 28.4 percent in May from a year earlier, faster than market expectations of 22.5 percent. But exports rose 19.4 percent, slower than an expected 21 percent.
The data may alleviate "fears of a sharp slowdown" in the country's economy, said Li Wei, a Shanghai-based economist at Standard Chartered Bank.
Major economic data is due to be released next Tuesday.
Kou Wenhong, an analyst at China Nature Asset Management Co, predicted that inflation will peak in June at 5.8 percent, and gradually slowdown in the fourth quarter.
Kou said the market may rebound next week since it has absorbed negative news as seen from the stable performance yesterday.
Poly Real Estate, China's second-biggest developer by market value, climbed 3.4 percent to 9.62 yuan after saying its contracted sales in May more than doubled from a year earlier to 7.4 billion yuan (US$1.1 billion). Gemdale, the fourth-largest, gained 2.3 percent to 5.86 yuan.
The Shanghai Composite Index edged up 0.1 percent to 2,705.14 points.
The gauge fell 0.8 percent this week, touching the lowest in four months on Thursday, on concerns over a possible interest rate hike this month.
China's customs said imports grew 28.4 percent in May from a year earlier, faster than market expectations of 22.5 percent. But exports rose 19.4 percent, slower than an expected 21 percent.
The data may alleviate "fears of a sharp slowdown" in the country's economy, said Li Wei, a Shanghai-based economist at Standard Chartered Bank.
Major economic data is due to be released next Tuesday.
Kou Wenhong, an analyst at China Nature Asset Management Co, predicted that inflation will peak in June at 5.8 percent, and gradually slowdown in the fourth quarter.
Kou said the market may rebound next week since it has absorbed negative news as seen from the stable performance yesterday.
Poly Real Estate, China's second-biggest developer by market value, climbed 3.4 percent to 9.62 yuan after saying its contracted sales in May more than doubled from a year earlier to 7.4 billion yuan (US$1.1 billion). Gemdale, the fourth-largest, gained 2.3 percent to 5.86 yuan.
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