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Shanghai market slightly higher in morning session
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SHANGHAI stocks inched up in morning trading as shares related to the free trade zone and financial stocks gained. The benchmark Shanghai Composite Index added 0.08 percent, or 1.56 points, to 2,034.86. Turnover was 38.4 billion yuan (US$6.3 billion) by the noon break.
“The market will trade in a tight range as investors become wary before the week-long holiday,” said Shenyin & Wanguo Securities.
Slower growth in China’s industrial profit also raised concerns about economic slowdown.
Profits made by domestic industrial companies increased 6 percent year-on-year in December to 942.5 billion, slower than November’s growth of 9.7 percent, the National Statistics Bureau said today.
FTZ-related shares advanced. Shanghai Waigaoqiao Free Trade Zone Development Co Ltd rose 6.2 percent to 36.81 yuan. Shanghai Material Trading Co Ltd jumped 7.4 percent to 11.79 yuan. Shanghai International Port (Group) Co Ltd climbed 4.1 percent to 5.10 yuan.
Lenders gained as well after the People’s Bank of China, the central bank, injected 150 billion yuan into the money market via 14-day reverse repurchase agreements to ease cash shortage during the coming holiday.
Industrial Bank Co Ltd increased 1.1 percent to 9.32 yuan. Bank of Communications Co Ltd added 1.3 percent to 3.80 yuan. China CITIC Bank Corp Ltd gained 1.1 percent to 3.67 yuan.
Small-cap media and IT firms were losers. BesTV New Media Co Ltd declined 4.3 percent to 39.92 yuan. Time Publishing & Media Co Ltd lost 3.5 percent to 20.54 yuan. Shanghai Xinhua Media Co Ltd skid 3.1 percent to 8.64 yuan. PCI-Suntek Technology Co Ltd dropped 7.6 percent to 14.75 yuan. Glarun Technology Co Ltd lost 4 percent to 41.70 yuan.
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