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Market remains volatile amid investor uncertainty
By Lu Nengneng |
December 27, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up by noon break after hitting the year's lowest early trading as investors were mixed on the market trend toward the year-end.
The Shanghai Composite Index rebounded 0.05 percent to 2,191.23 points from yesterday's retreat. Turnover remained sluggish, standing at 19.8 billion yuan (US$3.14 billion).
The investor sentiment stayed volatile as the losses of the past seven weeks have shaken their confidence in long-term profitability while the mounting speculation that the government may loosen the monetary policies added to the market upside.
Financials paced the rally on hope that their liquidity crunch could soon be eased. Bank of Communications rose 0.67 percent to 4.53 yuan. China Everbright Bank gained 1.07 percent to 2.83 yuan. China Life Insurance, the country's biggest insurer, advanced 2.7 percent to 17.5 yuan while its biggest rival Ping An Insurance increased 1.82 percent to 34.18 yuan.
Property developers fell as the extended home purchase restrictions will further drain their cash flow next year. Poly Real Estate lost 0.79 percent to 10 yuan. Gree Real Estate was down 0.39 percent to 5.17 yuan.
Metal producers extended yesterday's losses as the looming economic slowdown could dampen their product demand. Aluminum Corp of China dropped 0.31 percent to 6.5 yuan. Jiangxi Copper dipped 0.14 percent to 21.47 yuan.
The Shanghai Composite Index rebounded 0.05 percent to 2,191.23 points from yesterday's retreat. Turnover remained sluggish, standing at 19.8 billion yuan (US$3.14 billion).
The investor sentiment stayed volatile as the losses of the past seven weeks have shaken their confidence in long-term profitability while the mounting speculation that the government may loosen the monetary policies added to the market upside.
Financials paced the rally on hope that their liquidity crunch could soon be eased. Bank of Communications rose 0.67 percent to 4.53 yuan. China Everbright Bank gained 1.07 percent to 2.83 yuan. China Life Insurance, the country's biggest insurer, advanced 2.7 percent to 17.5 yuan while its biggest rival Ping An Insurance increased 1.82 percent to 34.18 yuan.
Property developers fell as the extended home purchase restrictions will further drain their cash flow next year. Poly Real Estate lost 0.79 percent to 10 yuan. Gree Real Estate was down 0.39 percent to 5.17 yuan.
Metal producers extended yesterday's losses as the looming economic slowdown could dampen their product demand. Aluminum Corp of China dropped 0.31 percent to 6.5 yuan. Jiangxi Copper dipped 0.14 percent to 21.47 yuan.
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