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Shanghai index barely moves, banks decline
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Shanghai shares swung between gains and losses in the morning session. Lenders dropped after the Chinese central bank signaled there will be no monetary easing in the short term. China Petroleum & Chemical Corp rose after its parent pledged to buy back more shares.
The Shanghai Composite Index, which tracks the bigger mainland bourse, ended 0.07 point lower at 2,157.17 at the mid-day break. Turnover amounted to 43.4 billion yuan (US$7.1).
Industrial & Commercial Bank of China lost 0.52 percent to 3.81 yuan. Agricultural Bank of China eased 0.78 percent to 2.54 yuan.
China will keep a prudent monetary stance and strike a balance between adjusting its economic structure, undertaking reform and curbing risks, the People’s Bank of China said in its third-quarter currency policy committee report yesterday.
China Petroleum & Chemical Corp, known as Sinopec, hiked 3.25 percent to 4.77 yuan. China Petrochemical Group, parent of Sinopec, said in an exchange filing that it will spend an estimated maximum US$17.7 billion to buy back a 2 percent stake in the Shanghai-listed entity over the next year. It started the purchase on Tuesday, buying 6.06 million shares, or 0.005 percent of the listed arm, according to the filing.
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