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Shanghai index flat as market waits for Beijing meeting
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Shanghai shares ended flat today with a sluggish turnover as market was dominated by cautious sentiment ahead of leaders’ key policy meeting even though data showed China’s non-manufacturing sector expanded faster in October.
The benchmark Shanghai Composite Index closed at 2,149.63 points. Daily turnover was weak at 66.3 billion yuan (US$10.9 billion).
Market watchers said investors took a wait-and-see stance ahead of the Third Plenum of the CPC Central Committee on Saturday and there were worries that high hopes for reform may turn into disappointment.
Shenyin & Wanguo Securities said market performance could be depressed as expectations for the policy meeting may have been overdrawn in previous gains.
Talks about the reboot of initial public offerings also weighed on the market.
Cheng Boming, general manager with CITIC Securities, said the regulator may unfreeze the IPO market after this weekend’s policy meeting.
New IPOs on the mainland bourses has been suspended for one year with 754 companies waiting for approval from the China Securities Regulatory Commission to get listed.
Most property developers declined after Shenzhen on Friday raised the minimum down payment from 60 percent to 70 percent for second-home buyers in a move to rein in home prices.
Poly Real Estate Group Co lost 1.2 percent to 9.58 yuan. Beijing HOMYEAR Real Estate Co Ltd declined 1.8 percent to 4.84 yuan.
The non-manufacturing Purchasing Managers’ Index rose to 56.3 in October from 55.4 in September, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday. It was the highest reading in 12 months.
Environmental protection companies gained on expectations that China’s anti-pollution drive will boost their demand. Beijing Capital Co, a company specializing in sewage treatment, rose 2.6 percent to 7.25 yuan. Tianjin Capital Environmental Protection Group Co gained 2.9 percent to 8.89 yuan.
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