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Shanghai shares sink as investors lock in profits
By Ye Zhen |
December 27, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning as investors locked in profits after the market gained for three consecutive days.
The key Shanghai Composite Index fell 0.12 percent to 2,216.55 points. Turnover was 56.5 billion yuan (US$9.1 billion) by midday.
"The market is bound to retreat after days of gains because investors tend to cash in recent gains to take profits if there is no new stimulus," said independent analyst Shen Jianqing.
Meanwhile, shareholders are getting jittery with only four days left before the US fiscal cliff deadline of December 31.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, dropped 2.7 percent to 18.23 yuan. Gansu Qilianshan Cement Group Co lost 2 percent to 10.16 yuan. Shaanxi Qinling Cement (Group) Co fell 3.2 percent to 7.33 yuan.
Most lenders fell after a survey by the China Banking Association showed that 70 percent of the domestic bankers expect both their revenues and net profits to grow at a rate below 20 percent in the next three years.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 4.06 yuan. China Minsheng Banking Corp decreased 1.7 percent to 7.62 yuan. China Construction Bank Corporation lost 0.7 percent to 4.55 yuan.
The key Shanghai Composite Index fell 0.12 percent to 2,216.55 points. Turnover was 56.5 billion yuan (US$9.1 billion) by midday.
"The market is bound to retreat after days of gains because investors tend to cash in recent gains to take profits if there is no new stimulus," said independent analyst Shen Jianqing.
Meanwhile, shareholders are getting jittery with only four days left before the US fiscal cliff deadline of December 31.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, dropped 2.7 percent to 18.23 yuan. Gansu Qilianshan Cement Group Co lost 2 percent to 10.16 yuan. Shaanxi Qinling Cement (Group) Co fell 3.2 percent to 7.33 yuan.
Most lenders fell after a survey by the China Banking Association showed that 70 percent of the domestic bankers expect both their revenues and net profits to grow at a rate below 20 percent in the next three years.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 4.06 yuan. China Minsheng Banking Corp decreased 1.7 percent to 7.62 yuan. China Construction Bank Corporation lost 0.7 percent to 4.55 yuan.
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