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Shanghai shares end nearly flat in mixed trading
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Shanghai stocks were little changed today as the gains of metal and coal producers were offset by the losses of healthcare-related shares.
The benchmark Shanghai Composite Index shed 0.07 percent to 2,039.21 points. The index gained 0.63 percent this month.
Cyclical shares of metal and coal sectors rose after the government announced stimulus measures to bolster economic growth.
“A slew of stimulus measures rolled out by policymakers at different levels recently helped to boost market sentiment,” Dongguan Securities said in a note today. “Short-term liquidity also improved after the central bank injected 20 billion yuan into the money market this week.”
The Guangdong Province government said early this week that it would spend nearly 65 billion yuan of its fiscal budget on infrastructure projects.
The Ministry of Finance on Wednesday said it had ordered local governments to speed up spending of their budgeted funds and accelerate infrastructure projects.
Dong Wangfei, analyst at Western Securities, said although market sentiment has slightly recovered, investors are still cautious due to weak fundamentals.
Jilin Jien Nickel Industry led the advance of non-ferrous metal producers, jumping by the daily limit of 10 percent to 15.35 yuan. Jinduicheng Molybdenum rose 4 percent to 6.69 yuan. Datong Coal Industry added 1 percent to 5.98 yuan.
Medical equipment producers slumped on a bout of profit taking after surging yesterday when the government said it will further open up the sector to foreign investment in an effort to reform the country’s healthcare industry.
Shinva Medical Instrument shed 0.6 percent to 70.46 yuan. Top Choice Medical Investment lost 1.6 percent to 40.62 yuan.
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