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Shanghai index down 1st in 5 days
By Cai Chenyi |
March 24, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index declined for the first time in five days.
The benchmark Shanghai Composite Index dipped 0.06 percent to close at 2946.71. Turnover declined slightly to 137 billion yuan (US$21 billion) from Wednesday's 138 billion yuan.
"The market now encounters the bottleneck," said Qin Hong, an analyst with Jingbailing Consulting firm. "It lacks leading industries to lift the market and there are still hot sectors such as gold and new energy."
Some analysts said investors may tend to be cautious since China's central bank announced the bank reserve requirement ratio will be raised by 50 basis points starting from tomorrow.
On the other hand, Zhang Xiaohui, head of monetary policy unit with People's Bank of China, said that management of market liquidity should be strengthened. Yesterday, another official from the central bank, Yi Gang, vice governor of the central bank, said the China's interest rate is "comfortable". Both announcements eased concerns for any further hike of interest rates.
Oil giants PetroChina and Sinopec were the main force to lift the market, gaining 1.19 percent and 0.12 percent respectively. However, coal, shipping, and financial shares led the market down. China Coal Energy Co slumped by 2.61 percent to 10.84 yuan. Guangfa Securities shed 1.72 percent to 41.14.
The benchmark Shanghai Composite Index dipped 0.06 percent to close at 2946.71. Turnover declined slightly to 137 billion yuan (US$21 billion) from Wednesday's 138 billion yuan.
"The market now encounters the bottleneck," said Qin Hong, an analyst with Jingbailing Consulting firm. "It lacks leading industries to lift the market and there are still hot sectors such as gold and new energy."
Some analysts said investors may tend to be cautious since China's central bank announced the bank reserve requirement ratio will be raised by 50 basis points starting from tomorrow.
On the other hand, Zhang Xiaohui, head of monetary policy unit with People's Bank of China, said that management of market liquidity should be strengthened. Yesterday, another official from the central bank, Yi Gang, vice governor of the central bank, said the China's interest rate is "comfortable". Both announcements eased concerns for any further hike of interest rates.
Oil giants PetroChina and Sinopec were the main force to lift the market, gaining 1.19 percent and 0.12 percent respectively. However, coal, shipping, and financial shares led the market down. China Coal Energy Co slumped by 2.61 percent to 10.84 yuan. Guangfa Securities shed 1.72 percent to 41.14.
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