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Shanghai Composite down 0.21% in light trading
By Ye Zhen |
May 13, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning, dragged by gold producers and financial firms. The Shanghai Composite Index shed 4.76 points, 0.21 percent, to 2,242.07 points. Turnover was 44.5 billion yuan (US$7.2 billion) by midday.
"The stock market may continue to fluctuate with weak turnovers as the country's economic recovery is losing momentum while the central government maintains a prudent and neutral monetary policy," the Essence Securities said in a note today.
Market watchers said the market expectation for additional easing has diminished after China posted faster-than-expected inflation in April.
Gold stocks declined after gold prices fell more than 1 percent to almost a two-week low on speculations that the US Federal Reserve may withdraw from its easing program.
Zhongjin Gold Corp lost 1.6 percent to 12.15 yuan. Zijin Mining Group Co, China's largest gold producer, decreased 1 percent to 3.09 yuan. Chifeng Jilong Gold Mining Co slipped 2.8 percent to 16.18 yuan.
Brokerages fell among financial stocks. Haitong Securities Co slumped 1 percent to 10.79 yuan. CITIC Securities, China's biggest listed brokerage, declined 1.3 percent to 12.48 yuan. Founder Securities Co sank 1.1 percent to 7.17 yuan.
Most lenders declined. China Construction Bank Corporation dipped 0.4 percent to 4.83 yuan. Agricultural Bank of China shed 0.7 percent to 2.72 yuan.
"The stock market may continue to fluctuate with weak turnovers as the country's economic recovery is losing momentum while the central government maintains a prudent and neutral monetary policy," the Essence Securities said in a note today.
Market watchers said the market expectation for additional easing has diminished after China posted faster-than-expected inflation in April.
Gold stocks declined after gold prices fell more than 1 percent to almost a two-week low on speculations that the US Federal Reserve may withdraw from its easing program.
Zhongjin Gold Corp lost 1.6 percent to 12.15 yuan. Zijin Mining Group Co, China's largest gold producer, decreased 1 percent to 3.09 yuan. Chifeng Jilong Gold Mining Co slipped 2.8 percent to 16.18 yuan.
Brokerages fell among financial stocks. Haitong Securities Co slumped 1 percent to 10.79 yuan. CITIC Securities, China's biggest listed brokerage, declined 1.3 percent to 12.48 yuan. Founder Securities Co sank 1.1 percent to 7.17 yuan.
Most lenders declined. China Construction Bank Corporation dipped 0.4 percent to 4.83 yuan. Agricultural Bank of China shed 0.7 percent to 2.72 yuan.
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