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Profit-taking drags down Shanghai shares
By Ye Zhen |
January 17, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks slumped this morning, dragging the index to a four-day low as investors locked in gains.
The key Shanghai Composite Index fell 1.11 percent to 2,283.95 points. Turnover stood at 60.5 billion yuan (US$9.8 billion) by the noon break.
"Market sentiment waned due to the recent fall in some bellwether shares and a bout of profit taking also weighed on the market," Damo Investment Co said today.
Shanghai and Shenzhen stock markets yesterday saw an outflow of funds totaling 6.3 billion yuan, data from Great Wisdom Co showed.
Lenders fell among the financials. Shanghai Pudong Development Bank Co declined 2 percent to 9.92 yuan. China Merchants Bank lost 2 percent to 13.25 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1.9 percent to 4.19 yuan.
Bad loans in China's banking sector are expected to increase sharply in 2013 and the central government may have to aid the sector by injecting funds in the next five years, Standard Chartered said in a report.
Insurers also declined. China Life Insurance, the country's biggest insurer, slumped 3.5 percent to 20.40 yuan. Ping An Insurance Co, the second largest, lost 1.9 percent to 45.09 yuan. China Pacific Insurance (Group) Co sank 2.9 percent to 21.82 yuan.
Property developers gained against the falling index. Poly Real Estate added 0.6 percent to 13.64 yuan. Gemdale Corporation rose 0.4 percent to 6.83 yuan.
The key Shanghai Composite Index fell 1.11 percent to 2,283.95 points. Turnover stood at 60.5 billion yuan (US$9.8 billion) by the noon break.
"Market sentiment waned due to the recent fall in some bellwether shares and a bout of profit taking also weighed on the market," Damo Investment Co said today.
Shanghai and Shenzhen stock markets yesterday saw an outflow of funds totaling 6.3 billion yuan, data from Great Wisdom Co showed.
Lenders fell among the financials. Shanghai Pudong Development Bank Co declined 2 percent to 9.92 yuan. China Merchants Bank lost 2 percent to 13.25 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1.9 percent to 4.19 yuan.
Bad loans in China's banking sector are expected to increase sharply in 2013 and the central government may have to aid the sector by injecting funds in the next five years, Standard Chartered said in a report.
Insurers also declined. China Life Insurance, the country's biggest insurer, slumped 3.5 percent to 20.40 yuan. Ping An Insurance Co, the second largest, lost 1.9 percent to 45.09 yuan. China Pacific Insurance (Group) Co sank 2.9 percent to 21.82 yuan.
Property developers gained against the falling index. Poly Real Estate added 0.6 percent to 13.64 yuan. Gemdale Corporation rose 0.4 percent to 6.83 yuan.
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