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Shanghai shares nearly flat as investors stay cautious
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SHANGHAI stocks ended nearly flat today as investors remained cautious about economic outlook and the resumption of initial public offerings.
The key Shanghai Composite Index eked out a tiny gain of 0.03 percent to close at 2,030.50 points. Turnover was 55.1 billion yuan (US$8.9 billion).
“Market sentiment improved slightly as the likelihood of a liquidity crunch as that in June diminished and government effort to boost economy with mini stimulus also helped,” said Yu Cheng, analyst of Northeast Securities.
However, concerns about the resumption of initial public offerings and uncertainty about the economic outlook will continue to weigh on the market this week, Yu added.
Data released by the General Administration of Customs yesterday showed China’s exports expanded 7 percent year on year in May, compared with a marginal increase of 0.9 percent in April.
However, imports fell 1.6 percent from a year earlier, reversing a gain of 0.8 percent in April and short of the market expectation of a 6 percent increase.
May’s import decline showed the domestic demand was still weak, said Wang Tao, an economist with UBS Securities.
Non-ferrous metal producers advanced after the Ministry of Land and Resources said China plans to increase the production of rare-earth materials by 12 percent this year.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech rose 0.8 percent to 19.26 yuan. BGRIMM Magnetic Materials & Technology jumped 8 percent to 13.31 yuan.
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