Questions on size of Fed plan a concern
By Feng Jianmin |
October 29, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed flat yesterday as questions over the size of the United States Federal Reserve stimulus plan lingered. Banks gained on better-than-expected earnings report.
The Shanghai Composite Index dipped 0.15 percent, or 4.6 points, to close at 2,992.6. Turnover dropped to 188 billion yuan (US$15.8 billion) from Wednesday's 230 billion yuan.
US government reports indicated that the pace of growth in manufacturing was slowing while sales of new homes rose slightly faster than economists had expected last month. Market watchers were worried that nascent signs of the US economy starting to rebound may lead the Fed to scale down its stimulus measures.
"The shrinking turnover indicates that institutional speculators who previously bet that the US Fed's stimulus plan's influence on the market are retreating as the amount of money involved in the plan is likely to fall below expectations," said an analyst who declined to be identified. "The stock market will continue to decline."
Coal and gold producers extended previous losses. Shandong Gold Mining Group Co slid 2 percent to 58.88 yuan. Datong Coal Industry Co fell 1.8 percent to 25.09 yuan.
AgBank shares rose 1.5 percent to close at 2.80 yuan. BOC gained 0.9 percent to finish at 3.55 yuan.
Everbright Bank, a small cap lender, however dipped 0.9 percent despite posting a 71 percent surge in quarterly net earnings.
The Shanghai Composite Index dipped 0.15 percent, or 4.6 points, to close at 2,992.6. Turnover dropped to 188 billion yuan (US$15.8 billion) from Wednesday's 230 billion yuan.
US government reports indicated that the pace of growth in manufacturing was slowing while sales of new homes rose slightly faster than economists had expected last month. Market watchers were worried that nascent signs of the US economy starting to rebound may lead the Fed to scale down its stimulus measures.
"The shrinking turnover indicates that institutional speculators who previously bet that the US Fed's stimulus plan's influence on the market are retreating as the amount of money involved in the plan is likely to fall below expectations," said an analyst who declined to be identified. "The stock market will continue to decline."
Coal and gold producers extended previous losses. Shandong Gold Mining Group Co slid 2 percent to 58.88 yuan. Datong Coal Industry Co fell 1.8 percent to 25.09 yuan.
AgBank shares rose 1.5 percent to close at 2.80 yuan. BOC gained 0.9 percent to finish at 3.55 yuan.
Everbright Bank, a small cap lender, however dipped 0.9 percent despite posting a 71 percent surge in quarterly net earnings.
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