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Shanghai shares edge down despite improved liquidity
By Ye Zhen |
February 6, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks drifted slightly lower this morning as the declines among coal producers and property developers offset the gains by financial stocks.
The benchmark Shanghai Composite Index shed 0.05 percent to 2,431.86 points. Turnover was 60.8 billion yuan (US$9.8 billion) by midday.
"Investment sentiment is improving as recent data pointed to a recovering economy," Avic Securities said in a report today. "But there is need for market corrections after continuous gains."
The People's Bank of China, the Chinese central bank, yesterday injected 450 billion yuan into the country's financial system via 14-day reverse repurchase agreements, the biggest daily injection ever, in a bid to increase market liquidity ahead of the week-long Spring Festival holiday, which starts on Saturday.
Coal producers led the market down after surging yesterday on a reshuffle plan released by the National Energy Administration.
Shanxi Lanhua Sci-Tech Venture Co dropped 1.8 percent to 22.80. Yang Quan Coal Industry (Group) Co decreased 2.1 percent to 16.54 yuan. Shanxi Lu'an Environmental Energy Development Co decreased 2.3 percent to 24.27 yuan.
Property developers declined on speculation that the Chinese central government may tighten property restrictions after home prices rose across the country.
Poly Real Estate, China's second largest developer, fell 1.9 percent to 13.16 yuan. Gemdale Corporation lost 2 percent to 8.03 yuan.
Brokerages gained on expectation a rebound in the stock market will boost their profitability. Citic Securities, the biggest listed brokerage, rose 3 percent to 15.56 yuan. Sinolink Securities Co increased 2.5 percent to 18.49 yuan. Haitong Securities Co added 3 percent to 12.68 yuan.
The benchmark Shanghai Composite Index shed 0.05 percent to 2,431.86 points. Turnover was 60.8 billion yuan (US$9.8 billion) by midday.
"Investment sentiment is improving as recent data pointed to a recovering economy," Avic Securities said in a report today. "But there is need for market corrections after continuous gains."
The People's Bank of China, the Chinese central bank, yesterday injected 450 billion yuan into the country's financial system via 14-day reverse repurchase agreements, the biggest daily injection ever, in a bid to increase market liquidity ahead of the week-long Spring Festival holiday, which starts on Saturday.
Coal producers led the market down after surging yesterday on a reshuffle plan released by the National Energy Administration.
Shanxi Lanhua Sci-Tech Venture Co dropped 1.8 percent to 22.80. Yang Quan Coal Industry (Group) Co decreased 2.1 percent to 16.54 yuan. Shanxi Lu'an Environmental Energy Development Co decreased 2.3 percent to 24.27 yuan.
Property developers declined on speculation that the Chinese central government may tighten property restrictions after home prices rose across the country.
Poly Real Estate, China's second largest developer, fell 1.9 percent to 13.16 yuan. Gemdale Corporation lost 2 percent to 8.03 yuan.
Brokerages gained on expectation a rebound in the stock market will boost their profitability. Citic Securities, the biggest listed brokerage, rose 3 percent to 15.56 yuan. Sinolink Securities Co increased 2.5 percent to 18.49 yuan. Haitong Securities Co added 3 percent to 12.68 yuan.
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