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Shanghai index loses as investors pocket gains
By Lydia Chen |
February 18, 2011, Friday
|
Online Edition
Online Edition
PROFIT-TAKING snapped a five-day rally in Shanghai today, dragging the key stock index off a two-month high, which analysts downplayed as a technical correction following previous hefty gains.
The Shanghai Composite Index lost 0.93 percent to 2,899.79.It gained 3.88 percent this week. Turnover today eroded to 142 billion yuan(US$21.58 billion) from yesterday's 169 billion yuan.
The Shanghai market saw a five-day rally before it halted trading for the Spring Festival holiday. The index has gained nearly 130 points since February 9.
"The market is under a lot of pressure as investors are scrambling to dump shares for quick profits around 2,900 mark," said Zhang Qi, an analyst with Haitong Securities. "After that, the road to go higher track will be bumpy."
Agriculture shares were the best example of the profit-taking effects. A sub-index for agriculture sector showed a 1.92 percent loss today. Hunan Jinjian Cereals Industry paced the decreases with a tumble of 5.22 percent to 8.90 yuan.
Banks were another negative factor behind the market fall amid concerns that a possible raise of the required reserve ratio could be around corner.
Agricultural Bank of China Ltd, the third biggest bank by market capitalization, was down 0.75 percent to 2.65 yuan, while China Everbright Bank Co Ltd fell 1.49 percent.
Many analysts cautioned that China is likely to raise the required reserve ratio again to drain some liquidity out of the market as early as next weekend.
The Shanghai Composite Index lost 0.93 percent to 2,899.79.It gained 3.88 percent this week. Turnover today eroded to 142 billion yuan(US$21.58 billion) from yesterday's 169 billion yuan.
The Shanghai market saw a five-day rally before it halted trading for the Spring Festival holiday. The index has gained nearly 130 points since February 9.
"The market is under a lot of pressure as investors are scrambling to dump shares for quick profits around 2,900 mark," said Zhang Qi, an analyst with Haitong Securities. "After that, the road to go higher track will be bumpy."
Agriculture shares were the best example of the profit-taking effects. A sub-index for agriculture sector showed a 1.92 percent loss today. Hunan Jinjian Cereals Industry paced the decreases with a tumble of 5.22 percent to 8.90 yuan.
Banks were another negative factor behind the market fall amid concerns that a possible raise of the required reserve ratio could be around corner.
Agricultural Bank of China Ltd, the third biggest bank by market capitalization, was down 0.75 percent to 2.65 yuan, while China Everbright Bank Co Ltd fell 1.49 percent.
Many analysts cautioned that China is likely to raise the required reserve ratio again to drain some liquidity out of the market as early as next weekend.
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