Locking in gains hits key index
By Ye Zhen |
January 18, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI key stock index dropped yesterday to a four-day low as investors locked in gains.
The Shanghai Composite Index fell 1.06 percent to 2,284.91 points.
"Market sentiment waned due to the recent fall in some bellwether shares and a bout of profit taking also weighed on the market," Damo Investment Co said yesterday.
The Shanghai and Shenzhen stock markets saw a 10 billion yuan (US$1.6 billion) outflow of funds in the past two trading days, according to data from Great Wisdom Co.
Investors opened 5.5 million new accounts to trade A-shares last year, a report by the China Securities Depository and Clearing Corporation Ltd said. This was a tumble of almost 50 percent from 2011 and was the lowest level since 2007, indicating waning interest in the domestic stock market.
Standard Chartered said in a report that bad loans in China's banking sector may rise sharply this year and the central government may have to help the sector by injecting funds over the next five years.
Shanghai Pudong Development Bank Co fell 0.9 percent to 10.03 yuan. China Merchants Bank lost 2.2 percent to 13.22 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1.9 percent to close at 4.19 yuan.
The Shanghai Composite Index fell 1.06 percent to 2,284.91 points.
"Market sentiment waned due to the recent fall in some bellwether shares and a bout of profit taking also weighed on the market," Damo Investment Co said yesterday.
The Shanghai and Shenzhen stock markets saw a 10 billion yuan (US$1.6 billion) outflow of funds in the past two trading days, according to data from Great Wisdom Co.
Investors opened 5.5 million new accounts to trade A-shares last year, a report by the China Securities Depository and Clearing Corporation Ltd said. This was a tumble of almost 50 percent from 2011 and was the lowest level since 2007, indicating waning interest in the domestic stock market.
Standard Chartered said in a report that bad loans in China's banking sector may rise sharply this year and the central government may have to help the sector by injecting funds over the next five years.
Shanghai Pudong Development Bank Co fell 0.9 percent to 10.03 yuan. China Merchants Bank lost 2.2 percent to 13.22 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1.9 percent to close at 4.19 yuan.
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