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Shanghai shares little changed at midday
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SHANGHAI stocks were nearly flat in the morning session as property developers and financial shares held back gains in the materials sector.
The benchmark Shanghai Composite Index added 0.02 percent, or 0.33 points, to 2,059.91. Turnover was 49.8 billion yuan (US$8.2 billion) by midday.
“The market is expected to fluctuate within a narrow range because investors are taking a wait-and-see stance as the annual parliamentary meetings continue and some key economic data will be released this weekend,” Shanyin & Wanguo Securities said.
Most property developers retreated after advancing yesterday on expectations the government will ease controls on the sector and they will profit from accelerated urbanization.
Poly Real Estate, China’s second largest developer, lost 1.6 percent to 6.90 yuan. Gemdale Corporation fell 0.9 percent to 6.34 yuan. Shanghai New Huang Pu Real Estate Co Ltd declined 1.8 percent to 13.60 yuan.
Financial shares also fell. Southwest Securities Co Ltd lost 1.6 percent to 8.66 yuan. China Pacific Insurance (group) Co Ltd shed 0.9 percent to 15.96 yuan. Bank of China Ltd fell 0.4 percent to 2.49 yuan.
Oil stocks gained. China Petroleum & Chemical Corp gained 2.9 percent to 5.37 yuan. PetroChina Co Ltd added 2 percent to 7.82 yuan.
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