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Market unchanged ahead of possible new policies
By Ding Yining |
January 12, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S market almost remained unchanged in the morning session with flat trading among concern that government might tighten monetary policy and introduce tighter mortgage rule.
The benchmark Shanghai Composite Index edged up 0.13 percent, or 4.30 points, to close at 3,217.05 points. Turnover dropped to 83.3 billion yuan (US$12.2 billion) from yesterday's 107 billion yuan. Gainers outnumbered losers 638 to 232, and 43 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.86 percent to close at 1,200.20 points.
State Council said in a statement over the weekend to require more stringent scrutiny of property market and reiterated a 40-percent down payment on people and families who buy their second homes.
Tighter liquidity has fanned worries among investors that index will not surge as fast as last year's and the flow of fresh funds into the stock market will dry up.
Shanghai Pudong Development Bank dropped 0.92 percent to 20.50 yuan. China Construction Bank was down 0.98 percent to close at 6.08 yuan. Bank of Communications lowered 1.22 percent to 8.89 yuan. Industrial Bank retreated 3.22 percent to 36.03 yuan.
Brokerages retreated after the approval of margin trading and short selling lifted prices. Sinolink Securities was down 1.1 percent and Haitong lost 1.25 percent to 18.89 yuan. Guoyuan Securities lost 1.23 percent to 21.64 yuan. Changjiang Securities was down 1.61 percent to 20.71 yuan.
Property shares were also flat. China Vanke Co, the biggest listed domestic real estate developer, was down 0.59 percent to 10.12 yuan. Gemdale Corporation dipped 0.08 percent to 13.11 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.30 percent to 24.28 yuan.
Shanghai Automotive Industry Corp rose 0.71 percent to 22.54 yuan after China Association of Automobile Manufacturers said its sales in 2009 ranked the first among other domestic auto makers. Sales in the past year totaled 2.7 million units.
Metal producers showed mixed results. Zijin Mining Co dipped 0.21 percent to 9.50 yuan. Shandong Gold Mining Co lost 1.56 percent to 78.10 yuan. Aluminum Corporation of China Ltd was up 0.72 percent to 15.30 yuan.
The benchmark Shanghai Composite Index edged up 0.13 percent, or 4.30 points, to close at 3,217.05 points. Turnover dropped to 83.3 billion yuan (US$12.2 billion) from yesterday's 107 billion yuan. Gainers outnumbered losers 638 to 232, and 43 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.86 percent to close at 1,200.20 points.
State Council said in a statement over the weekend to require more stringent scrutiny of property market and reiterated a 40-percent down payment on people and families who buy their second homes.
Tighter liquidity has fanned worries among investors that index will not surge as fast as last year's and the flow of fresh funds into the stock market will dry up.
Shanghai Pudong Development Bank dropped 0.92 percent to 20.50 yuan. China Construction Bank was down 0.98 percent to close at 6.08 yuan. Bank of Communications lowered 1.22 percent to 8.89 yuan. Industrial Bank retreated 3.22 percent to 36.03 yuan.
Brokerages retreated after the approval of margin trading and short selling lifted prices. Sinolink Securities was down 1.1 percent and Haitong lost 1.25 percent to 18.89 yuan. Guoyuan Securities lost 1.23 percent to 21.64 yuan. Changjiang Securities was down 1.61 percent to 20.71 yuan.
Property shares were also flat. China Vanke Co, the biggest listed domestic real estate developer, was down 0.59 percent to 10.12 yuan. Gemdale Corporation dipped 0.08 percent to 13.11 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.30 percent to 24.28 yuan.
Shanghai Automotive Industry Corp rose 0.71 percent to 22.54 yuan after China Association of Automobile Manufacturers said its sales in 2009 ranked the first among other domestic auto makers. Sales in the past year totaled 2.7 million units.
Metal producers showed mixed results. Zijin Mining Co dipped 0.21 percent to 9.50 yuan. Shandong Gold Mining Co lost 1.56 percent to 78.10 yuan. Aluminum Corporation of China Ltd was up 0.72 percent to 15.30 yuan.
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