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Market surge levels off as investors lock in profit
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SHANGHAI stocks eked out modest gains this morning after surging four days in a row. Financial shares jumped while cyclical shares slumped with a bout of profit taking.
The benchmark Shanghai Composite Index edged up 0.09 percent to 2,243.37 points. Half-day turnover was 87.4 billion yuan (US$14.3 billion).
Lenders and brokerages were the biggest gainers. Shanghai Pudong Development Bank Co jumped 8.1 percent to 12.18 yuan. Hua Xia Bank Co Ltd rose 3.6 percent to 8.11 yuan. China Citic Bank Corp Ltd jumped 3.2 percent to 4.19 yuan.
Haitong Securities rose 4.2 percent to 13.26 yuan. CITIC Securities gained 2.3 percent to 13.47 yuan. Everbright Securities increased 3 percent to 10.47 yuan.
Speaking at the World Economic Forum in Dalian, Premier Li Keqiang said China will actively and steadily push for market-oriented financial reforms and promote interest rate liberalization and yuan’s convertiblity.
“China will further open up its financial sector and lower the threshold for new financial institutions… and to build a multi-layered capital market,” Li said.
Cyclical shares in cement, coal and steel sectors declined after recent surge on robust economic data. “Technically speaking, the market is due for a profit-taking in the short run after continuous gains,” said Western Securities.
Anhui Conch Cement Co Ltd lost 2.8 percent to 16.45 yuan. Shaanxi Qinling Cement Co fell 2.5 percent to 5 yuan. Shanxi Lu'an Environmental Energy Development Co slipped 2.3 percent to 13.78 yuan. Inner Mongolia Baotou Steel Union Co shed 1.9 percent to 4.10 yuan.
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