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Shanghai index dips on weak investor sentiment
By Ye Zhen |
June 28, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today amid concerns over China's flagging economy even though the government has taken steps to inject liquidity.
The benchmark Shanghai Composite Index lost 0.95 percent, or 21.09 points, to close at 2,195.84 points. Turnover was 50.3 billion yuan (US$8 billion).
Analysts expect China's economy to bottom out in June but an immediate rebound is unlikely. "The economy may linger at the bottom for a while," Shenyin & Wanguo Securities said in a report today. "The government will roll out more policy stimulus due to global recession and weak domestic demand."
The company expects China's GDP growth to slow to 7.8 percent in the second quarter from 8.1 percent in the first quarter, the lowest since 2009.
The People's Bank of China, China's central bank, released 30 billion yuan today through 14-day reverse repurchase agreements with an interest rate of 4.15 percent.
Media and entertainment stocks led the market down. BesTV New Media Co slumped 5.2 percent to close at 12.71 yuan. Chinese Universe Publishing and Media Co lost 2.6 percent to 14.36 yuan. Shaanxi Broadcast & TV Network Intermediary Co shed 4.5 percent to 7.90 yuan.
Coal miners posted a weak run as coal price continued to fall. Shanxi Lanhua Sci-Tech Venture Co shrank 1.4 percent to 17.74 yuan. Shanxi Lu'an Environmental Energy Development Co dipped 0.3 percent to close at 20.45 yuan. Yang Quan Coal Industry (Group) Co dropped 1 percent to 15.02 yuan.
Insurers rose against the falling index. China Life Insurance, the country's biggest insurer, added 0.1 percent to finish at 17.62 yuan. Ping An Insurance Co, China's second largest insurer, gained 1.5 percent to 44.65 yuan. China Pacific Insurance (Group) Co climbed 1.3 percent to 21.24 yuan.
The benchmark Shanghai Composite Index lost 0.95 percent, or 21.09 points, to close at 2,195.84 points. Turnover was 50.3 billion yuan (US$8 billion).
Analysts expect China's economy to bottom out in June but an immediate rebound is unlikely. "The economy may linger at the bottom for a while," Shenyin & Wanguo Securities said in a report today. "The government will roll out more policy stimulus due to global recession and weak domestic demand."
The company expects China's GDP growth to slow to 7.8 percent in the second quarter from 8.1 percent in the first quarter, the lowest since 2009.
The People's Bank of China, China's central bank, released 30 billion yuan today through 14-day reverse repurchase agreements with an interest rate of 4.15 percent.
Media and entertainment stocks led the market down. BesTV New Media Co slumped 5.2 percent to close at 12.71 yuan. Chinese Universe Publishing and Media Co lost 2.6 percent to 14.36 yuan. Shaanxi Broadcast & TV Network Intermediary Co shed 4.5 percent to 7.90 yuan.
Coal miners posted a weak run as coal price continued to fall. Shanxi Lanhua Sci-Tech Venture Co shrank 1.4 percent to 17.74 yuan. Shanxi Lu'an Environmental Energy Development Co dipped 0.3 percent to close at 20.45 yuan. Yang Quan Coal Industry (Group) Co dropped 1 percent to 15.02 yuan.
Insurers rose against the falling index. China Life Insurance, the country's biggest insurer, added 0.1 percent to finish at 17.62 yuan. Ping An Insurance Co, China's second largest insurer, gained 1.5 percent to 44.65 yuan. China Pacific Insurance (Group) Co climbed 1.3 percent to 21.24 yuan.
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