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Shanghai shares flat as manufacturers, builders gain; small-caps dip
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SHANGHAI stocks ended nearly flat today as the gains of manufacturers and real estate developers were offset by losses of small-cap companies nervous about their pending mid-year earnings reports.
The benchmark Shanghai Composite Index crawled up 0.03 percent, or 0.55 points, to 2,059.93. Turnover was 81.5 billion yuan (US$13.1 billion).
“Improving economic performance continues to support the market as the government stepped up effort to bolster growth by increasing infrastructure investment and liquidity,” Galaxy Securities said today.
Data released last week showed China’s manufacturing sector grew at the fastest pace in six months in June, indicating the world’s second-largest economy is gaining momentum. China is due to release its inflation and trade statistics this week.
Manufacturers gained the most. China Aerospace Times Electronics jumped 8.1 percent to 12.53 yuan. China Shipbuilding Industry rose 1.7 percent to 4.86 yuan.
Poly Real Estate, China’s second-largest developer, increased 2.4 percent to 5.15 yuan amid hopes that more cities will follow Hohhot, capital of Inner Mongolia Autonomous Region, to ease curb on housing purchases.
Small-cap companies fell amid fears for disappointing mid-year earnings reports. Ping An Securities said the strong performance of small-cap shares may soon come to an end as investors shift focus to their earnings.
Tianjin Capital Environmental Protection lost 1.6 percent to 7.90 yuan. Hongfa Technology fell 2.4 percent to 21.34 yuan.
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