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Shanghai Composite down as investors cash in profits
By Ye Zhen |
January 17, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks fell for a second day, dragging the index to a four-day low as investors locked in gains.
The key Shanghai Composite Index slumped 1.06 percent to 2,284.91 points. Turnover was 103.2 billion yuan (US$16.6 billion) at the trading close.
"Market sentiment waned due to recent falls of some bellwether shares. A bout of profit taking also weighed on the market," Damo Investment Co said today.
Shanghai and Shenzhen stock markets yesterday saw capital outflows totaling 6.3 billion yuan, data from Great Wisdom Co showed.
Investors opened 5.5 million new A-share trading accounts last year, data from the China Securities Depository and Clearing Co Ltd showed. The number was almost half of that in 2011 and the lowest since 2007, a sign of fading interest in China's stock market.
Defense-related shares led the market down. China CSSC Holdings Ltd slumped 8.3 percent to 23.51 yuan. China Spacesat Co plunged by the daily limit of 10 percent to 15.80 yuan.
Lenders fell among the financials. Shanghai Pudong Development Bank Co shed 0.9 percent to 10.03 yuan. China Merchants Bank lost 2.2 percent to 13.22 yuan. ICBC, the nation's largest lender, declined 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.
The key Shanghai Composite Index slumped 1.06 percent to 2,284.91 points. Turnover was 103.2 billion yuan (US$16.6 billion) at the trading close.
"Market sentiment waned due to recent falls of some bellwether shares. A bout of profit taking also weighed on the market," Damo Investment Co said today.
Shanghai and Shenzhen stock markets yesterday saw capital outflows totaling 6.3 billion yuan, data from Great Wisdom Co showed.
Investors opened 5.5 million new A-share trading accounts last year, data from the China Securities Depository and Clearing Co Ltd showed. The number was almost half of that in 2011 and the lowest since 2007, a sign of fading interest in China's stock market.
Defense-related shares led the market down. China CSSC Holdings Ltd slumped 8.3 percent to 23.51 yuan. China Spacesat Co plunged by the daily limit of 10 percent to 15.80 yuan.
Lenders fell among the financials. Shanghai Pudong Development Bank Co shed 0.9 percent to 10.03 yuan. China Merchants Bank lost 2.2 percent to 13.22 yuan. ICBC, the nation's largest lender, declined 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.
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