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Market cautious ahead of data release
By Ye Zhen |
August 8, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks dropped in morning trading as investors adopted cautious stance ahead of the release of economic data tomorrow.
The key Shanghai Composite Index shed 0.1 percent, or 2.26 points to 2,155.36 points. Turnover stood at 38.6 billion yuan (US$6 billion) by midday.
China is scheduled to release July figures of CPI, industrial output and other economic indicators tomorrow. Analysts expect the CPI for July may drop below 2 percent and give the government more room to ease its monetary policy.
Coal producers led the market gains as their inventories fell for the first time this year. Shanxi Lanhua Sci-Tech Venture Co rose 1.4 percent to 20.90 yuan. China Shenhua Energy Co, the country's biggest coal producer, inched up 0.4 percent to 22.77 yuan.
Brokerages gained after China Securities Finance Corp added 4.5 billion yuan to enlarge its registered capital to 12 billion yuan, enabling it to lend 120 billion yuan to brokerages for margin trading and short selling businesses.
China Securities Finance Corp is an intermediary which borrows cash or securities from banks, fund management companies and insurers and lends them to brokerages.
Transactions among financial institutions can largely improve market liquidity, said Li Jian, an analyst at Everbright Securities.
Citic Securities, the biggest listed brokerage, added 0.2 percent to 12.21 yuan. Haitong Securities Co rose 0.6 percent to 9.87 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 0.5 percent to 3.76 yuan. China Construction Bank Corporation increased 0.5 percent to 4.04 yuan.
The key Shanghai Composite Index shed 0.1 percent, or 2.26 points to 2,155.36 points. Turnover stood at 38.6 billion yuan (US$6 billion) by midday.
China is scheduled to release July figures of CPI, industrial output and other economic indicators tomorrow. Analysts expect the CPI for July may drop below 2 percent and give the government more room to ease its monetary policy.
Coal producers led the market gains as their inventories fell for the first time this year. Shanxi Lanhua Sci-Tech Venture Co rose 1.4 percent to 20.90 yuan. China Shenhua Energy Co, the country's biggest coal producer, inched up 0.4 percent to 22.77 yuan.
Brokerages gained after China Securities Finance Corp added 4.5 billion yuan to enlarge its registered capital to 12 billion yuan, enabling it to lend 120 billion yuan to brokerages for margin trading and short selling businesses.
China Securities Finance Corp is an intermediary which borrows cash or securities from banks, fund management companies and insurers and lends them to brokerages.
Transactions among financial institutions can largely improve market liquidity, said Li Jian, an analyst at Everbright Securities.
Citic Securities, the biggest listed brokerage, added 0.2 percent to 12.21 yuan. Haitong Securities Co rose 0.6 percent to 9.87 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 0.5 percent to 3.76 yuan. China Construction Bank Corporation increased 0.5 percent to 4.04 yuan.
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