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Shanghai Composite unchanged in morning trading
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SHANGHAI stocks were flat this morning as the gains of metal and coal producers were offset by the losses of healthcare-related shares.
The benchmark Shanghai Composite Index was unchanged at 2,040.64 points by midday. Half-day turnover was 34.1 billion yuan (US$5.5 billion).
“A slew of economic stimulus rolled out by policymakers at different levels helped to boost market sentiment,” Dongguan Securities said in a note today. “Short-term liquidity also improved after the central bank injected 20 billion yuan into the money market this week, the third consecutive week.”
The government of Guangdong Province said earlier this week that it would spend nearly 65 billion yuan of its fiscal budget on infrastructure projects.
The Ministry of Finance on Wednesday said it had ordered local governments to speed up spending of their budgeted funds and accelerate infrastructure projects.
Jilin Jien Nickel Industry led the advance of non-ferrous metal producers, jumping 8.5 percent to 15.14 yuan. Jinduicheng Molybdenum rose 3.9 percent to 6.68 yuan.
Datong Coal Industry added 2.2 percent to 6.05 yuan. Shanxi Coal International Energy climbed 1.6 percent to 3.88 yuan.
Medical equipment producers slumped on a bout of profit taking after surging yesterday when the government said it will further open up the sector to foreign investment in an effort to reform the country’s healthcare industry.
Shinva Medical Instrument shed 1.4 percent to 69.91 yuan. Top Choice Medical Investment lost 2.4 percent to 40.33 yuan.
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