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Shanghai shares slightly higher in morning trading
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SHANGHAI stocks edged up this morning as oil producers gained while property developers and financial firms slumped.
The key Shanghai Composite Index added 0.08 percent, or 1.70 points, to 2,043.41. Half-day turnover was 41.5 billion yuan (US$6.8 billion).
“The market is expected to continue a weak run as investor confidence is waning amid concerns about economic slowdown and credit defaults,” Hou Yingmin, analyst at Shanghai-based Aijian Securities, said in a note today.
Premier Li Keqiang said on a trip in Liaoning Province last week that the government will roll out effective, well-targeted policies to shore up the country’s economy that is facing strong downward pressure.
Zhang Zhiwei, economist with Nomura Holdings Inc, said Li’s remark can be taken as another sign that the government will increase policy easing.
Nomura expected a cut of reserve requirement ratio by 50 basis points in the second quarter and another cut in the third quarter.
Oil producers gained. China Petroleum & Chemical Corp added 1.2 percent to 5.08 yuan. Sinopec Shanghai Petrochemical Co Ltd rose 1.5 percent to 3.50 yuan.
Property developers lost. Poly Real Estate fell 2.1 percent to 7.55 yuan. Gemdale Corporation shed 0.3 percent to 6.78 yuan.
Financial shares also declined. China Minsheng Banking Corp Ltd lost 2.4 percent to 7.66 yuan. Bank of Communications fell 1.3 percent to 3.77 yuan.
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