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Market correction cools investor sentiment
By Ye Zhen |
January 9, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as investors traded cautiously amid market correction.
The key Shanghai Composite Index shed 0.03 percent to 2,275.34 points, with a daily turnover of 102.8 billion yuan (US$16.6 billion).
"Market confidence is recovering as the Chinese economy is stabilizing thanks to stimulus measures," China Merchants Bank said in a weekly report. "But investors seem to adopt a more cautious stance after the market surged rapidly in a short term," the lender said.
Market performance was also hurt by a massive outflow of capital.
China's A-share market saw a capital outflow of 30 billion yuan in December and 130 billion yuan for the whole year, according to a report compiled by Shenyin & Wanguo Securities and the Shanghai Securities News.
"It is normal to see cash outflow at the year-end, but the current rebound trend in the stock market can hardly sustain if there is no new capital in the short term," the report said.
Most lenders declined as analysts expected their earnings growth to moderate due to the deregulation of interest rates. Industrial Bank lost 1.4 percent to 16.79 yuan. Bank of Communications decreased 1.4 percent to 4.91 yuan.
The key Shanghai Composite Index shed 0.03 percent to 2,275.34 points, with a daily turnover of 102.8 billion yuan (US$16.6 billion).
"Market confidence is recovering as the Chinese economy is stabilizing thanks to stimulus measures," China Merchants Bank said in a weekly report. "But investors seem to adopt a more cautious stance after the market surged rapidly in a short term," the lender said.
Market performance was also hurt by a massive outflow of capital.
China's A-share market saw a capital outflow of 30 billion yuan in December and 130 billion yuan for the whole year, according to a report compiled by Shenyin & Wanguo Securities and the Shanghai Securities News.
"It is normal to see cash outflow at the year-end, but the current rebound trend in the stock market can hardly sustain if there is no new capital in the short term," the report said.
Most lenders declined as analysts expected their earnings growth to moderate due to the deregulation of interest rates. Industrial Bank lost 1.4 percent to 16.79 yuan. Bank of Communications decreased 1.4 percent to 4.91 yuan.
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