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Shanghai shares end lower as investors lock in profits
By Ye Zhen |
January 22, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks declined today, ending two days of gains, as investors locked in profits after market valuation reached an eight-month high.
The key Shanghai Composite Index lost 0.56 percent to 2,315.14 points with a daily turnover of 123.4 billion yuan (US$19.9 billion).
"The temptation to take some money off the table is rising with a climbing index," CITIC Securities said in a report today. The broker is upbeat about the market outlook but expects the index to go through a period of fluctuation on profit-taking before it continues to rise.
The benchmark index has gone up 18.8 percent since it fell to a four-year low on December 3, with the price-to-earnings ratio increasing 12.9 times, the highest since May, according to data compiled by Bloomberg News.
Xia Yang, analyst with UBS Securities, said the stock market valuation has recovered to a rational level and the listed companies should improve their profitability to further boost the market value.
Gold stocks declined. Zijin Mining Group Co, China's largest gold producer, lost 1.3 percent to 3.81 yuan. Shandong Gold Mining Co fell 1.6 percent to 37.81 yuan. Zhongjin Gold Corp shed 1.7 percent to 16.43 yuan.
Goldman Sachs forecasts the international gold price will start to fall in the second half of this year as the world economy picks up and will drop to US$1,200 an ounce in the next five years.
The key Shanghai Composite Index lost 0.56 percent to 2,315.14 points with a daily turnover of 123.4 billion yuan (US$19.9 billion).
"The temptation to take some money off the table is rising with a climbing index," CITIC Securities said in a report today. The broker is upbeat about the market outlook but expects the index to go through a period of fluctuation on profit-taking before it continues to rise.
The benchmark index has gone up 18.8 percent since it fell to a four-year low on December 3, with the price-to-earnings ratio increasing 12.9 times, the highest since May, according to data compiled by Bloomberg News.
Xia Yang, analyst with UBS Securities, said the stock market valuation has recovered to a rational level and the listed companies should improve their profitability to further boost the market value.
Gold stocks declined. Zijin Mining Group Co, China's largest gold producer, lost 1.3 percent to 3.81 yuan. Shandong Gold Mining Co fell 1.6 percent to 37.81 yuan. Zhongjin Gold Corp shed 1.7 percent to 16.43 yuan.
Goldman Sachs forecasts the international gold price will start to fall in the second half of this year as the world economy picks up and will drop to US$1,200 an ounce in the next five years.
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