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Shanghai stocks close flat amid caution
By Ye Zhen |
March 29, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended almost flat today as investors adopted a cautious stance amid rising market uncertainty.
The benchmark Shanghai Composite Index crawled up 0.01 percent to 2,236.62 points with a daily turnover of 73.4 billion yuan (US$11.8 billion). The index declined 3.94 percent for the week and 5.45 percent for the month.
"The market is likely to fluctuate as the signs of economic recovery are fraught with uncertainty about the monetary policy, reboot of initial public offerings, and corporate earnings," UBS Investment Research said in a report today.
The report said the central bank's monetary policy stance has shifted from loose to neutral after it resumed the practice of repurchase agreements to drain market liquidity and tighten control on wealth management products of commercial banks to curb fund raising through off-balance-sheet cash products.
Development zone operators gained the most. Shanghai Waigaoqiao Free Trade Zone Development Co advanced 4.6 percent to 13.83 yuan. Shanghai Jinqiao Export Processing Zone Development Co gained 3 percent to 8.66 yuan.
Non-ferrous metals producers lost. Xiamen Tungsten Co decreased 2.8 percent to 30.98 yuan. Shandong Gold Mining Co skid 1.3 percent to 13.90 yuan. Rising Nonferrous Metals Share Co sank 1.5 percent to 49.02 yuan.
The benchmark Shanghai Composite Index crawled up 0.01 percent to 2,236.62 points with a daily turnover of 73.4 billion yuan (US$11.8 billion). The index declined 3.94 percent for the week and 5.45 percent for the month.
"The market is likely to fluctuate as the signs of economic recovery are fraught with uncertainty about the monetary policy, reboot of initial public offerings, and corporate earnings," UBS Investment Research said in a report today.
The report said the central bank's monetary policy stance has shifted from loose to neutral after it resumed the practice of repurchase agreements to drain market liquidity and tighten control on wealth management products of commercial banks to curb fund raising through off-balance-sheet cash products.
Development zone operators gained the most. Shanghai Waigaoqiao Free Trade Zone Development Co advanced 4.6 percent to 13.83 yuan. Shanghai Jinqiao Export Processing Zone Development Co gained 3 percent to 8.66 yuan.
Non-ferrous metals producers lost. Xiamen Tungsten Co decreased 2.8 percent to 30.98 yuan. Shandong Gold Mining Co skid 1.3 percent to 13.90 yuan. Rising Nonferrous Metals Share Co sank 1.5 percent to 49.02 yuan.
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