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Resources firms losses offset auto increases
By Pan Xiaoyi |
February 27, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended slightly lower yesterday as gains by auto makers were overshadowed by losses of commodity producers.
The Shanghai Composite Index dipped 0.28 percent, or 8.67 points, to close at 3,051.94 on the last trading day in February. Turnover shrank to 121.5 billion yuan (US$17.9 billion) from 138.9 billion yuan on Thursday.
The barometer finished this month with a gain of 2.1 percent.
The fall in the gauge occurred amid sluggish overseas markets overnight as Moody's Investors Service warned that it would cut Greece's credit rating for its sovereign debt and United States economic figures fell short of expectations, adding to the uncertainties of a global economic recovery.
"Uncertainties over the global economic condition and money flows across borders brought by changes in monetary policies will continue to impact the local stock market," said Yu Wei, an analyst of Shiji Investment Management Co.
Commodity producers led the decline amid investor concerns that the fragile recovery could depress demand for raw materials. Aluminum Corp of China, the nation's biggest maker of the metal, lost 1.3 percent to 12.68 yuan.
Bank shares fell on news reports that higher-than-expected lending in February might prompt regulators to raise minimum reserve requirements for a third time this year to control credit.
The Industrial and Commercial Bank of China, the nation's biggest commercial lender, shrank 0.2 percent to 4.87 yuan. The Bank of China declined 0.5 percent to 4.14 yuan.
The Shanghai Composite Index dipped 0.28 percent, or 8.67 points, to close at 3,051.94 on the last trading day in February. Turnover shrank to 121.5 billion yuan (US$17.9 billion) from 138.9 billion yuan on Thursday.
The barometer finished this month with a gain of 2.1 percent.
The fall in the gauge occurred amid sluggish overseas markets overnight as Moody's Investors Service warned that it would cut Greece's credit rating for its sovereign debt and United States economic figures fell short of expectations, adding to the uncertainties of a global economic recovery.
"Uncertainties over the global economic condition and money flows across borders brought by changes in monetary policies will continue to impact the local stock market," said Yu Wei, an analyst of Shiji Investment Management Co.
Commodity producers led the decline amid investor concerns that the fragile recovery could depress demand for raw materials. Aluminum Corp of China, the nation's biggest maker of the metal, lost 1.3 percent to 12.68 yuan.
Bank shares fell on news reports that higher-than-expected lending in February might prompt regulators to raise minimum reserve requirements for a third time this year to control credit.
The Industrial and Commercial Bank of China, the nation's biggest commercial lender, shrank 0.2 percent to 4.87 yuan. The Bank of China declined 0.5 percent to 4.14 yuan.
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