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Market retreats as investor confidence wanes
By Lu Nengneng |
February 1, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today despite the better-than-expected January industrial data as the delayed pension fund investment and grim earnings previews weakened the investor confidence.
The benchmark Shanghai Composite Index was down 1.07 percent to 2,268.08 points. Turnover stood low at 48.6 billion yuan (US$ 7.7 billion).
Liquidity continued to be the focal point of market anxiety after the Guangdong Provincial Department of Human resources and Social Security dispelled the speculation that its 100-billion-yuan pension fund would soon enter the capital market as a nationwide pilot scheme.
Heavy-weighted financial shares retreated. Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.47 percent to 4.28 yuan. Agricultural Bank of China decreased 0.74 percent to 2.68 yuan.
The bleak 2011 profit outlook of 456 listed companies dragged down the shares of brokers. Everbright Securities dropped 2.53 percent to 10.39 yuan. China Merchants Securities fell 2.19 percent to 10.71 yuan.
Though the official Purchasing Managers' Index rose to 50.5 in January from December's 50.3, indicating revived industrial activities, metal producers took the brunt of the decline as their earnings prospect is clouded by China's economic uncertainties.
Zijin Mining lost 1.58 percent to 4.37 yuan. Baotou Steel Rare-Earth dived 3.93 percent to 44.73 yuan. Aluminum Corporation of China slumped 3.37 percent to 6.89 yuan.
The benchmark Shanghai Composite Index was down 1.07 percent to 2,268.08 points. Turnover stood low at 48.6 billion yuan (US$ 7.7 billion).
Liquidity continued to be the focal point of market anxiety after the Guangdong Provincial Department of Human resources and Social Security dispelled the speculation that its 100-billion-yuan pension fund would soon enter the capital market as a nationwide pilot scheme.
Heavy-weighted financial shares retreated. Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.47 percent to 4.28 yuan. Agricultural Bank of China decreased 0.74 percent to 2.68 yuan.
The bleak 2011 profit outlook of 456 listed companies dragged down the shares of brokers. Everbright Securities dropped 2.53 percent to 10.39 yuan. China Merchants Securities fell 2.19 percent to 10.71 yuan.
Though the official Purchasing Managers' Index rose to 50.5 in January from December's 50.3, indicating revived industrial activities, metal producers took the brunt of the decline as their earnings prospect is clouded by China's economic uncertainties.
Zijin Mining lost 1.58 percent to 4.37 yuan. Baotou Steel Rare-Earth dived 3.93 percent to 44.73 yuan. Aluminum Corporation of China slumped 3.37 percent to 6.89 yuan.
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