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Shanghai stocks wither in morning trading
By Lu Nengneng |
December 28, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index tumbled in the morning session as the market continued to search for a new bottom amid weak investor sentiment.
The Shanghai Composite Index lost 0.66 percent to 2,151.97 points by noon break, heading towards an eighth consecutive week of losses. Turnover remained sluggish, standing at 17.2 billion yuan (US$2.72 billion).
Having seen the market's benchmark plunge more than 23 percent so far this year, investors tended to take a wait-and-see attitude towards trading, and worries over the unclear economic outlook next year dimmed their confidence in a sharp rebound around the year end.
Agriculture stocks dropped despite Premier Wen Jiabao's urge to let farmers profit more from China's economic growth through securing their rights of land contracts. Gansu Dunhuang Seed slumped 4.16 percent to 19.81 yuan. Xinjiang Talimu Agriculture Development lost 4.05 percent to 6.63 yuan.
Insurers, the only gainers among yesterday's general retreat, were mixed today on speculation of another liquidity injection from the central bank. New China Life Insurance was down 2.14 percent to 26.49 yuan. Ping An Insurance advanced 0.47 percent to 33.94 yuan.
Shares of dairy producers fell as the recent food safety scandal hurt consumer confidence. A batch of carcinogen-tainted milk produced by the industry's major player Mengniu was sold after the Hong Kong-listed company denied market availability.
Mengniu Dairy plunged 22.6 percent to HK$20.35. Sanyuan Foods lost 3.06 percent to 5.07 yuan. Guangxi Royal Dairy shed 2.8 percent to 13.54 yuan.
The Shanghai Composite Index lost 0.66 percent to 2,151.97 points by noon break, heading towards an eighth consecutive week of losses. Turnover remained sluggish, standing at 17.2 billion yuan (US$2.72 billion).
Having seen the market's benchmark plunge more than 23 percent so far this year, investors tended to take a wait-and-see attitude towards trading, and worries over the unclear economic outlook next year dimmed their confidence in a sharp rebound around the year end.
Agriculture stocks dropped despite Premier Wen Jiabao's urge to let farmers profit more from China's economic growth through securing their rights of land contracts. Gansu Dunhuang Seed slumped 4.16 percent to 19.81 yuan. Xinjiang Talimu Agriculture Development lost 4.05 percent to 6.63 yuan.
Insurers, the only gainers among yesterday's general retreat, were mixed today on speculation of another liquidity injection from the central bank. New China Life Insurance was down 2.14 percent to 26.49 yuan. Ping An Insurance advanced 0.47 percent to 33.94 yuan.
Shares of dairy producers fell as the recent food safety scandal hurt consumer confidence. A batch of carcinogen-tainted milk produced by the industry's major player Mengniu was sold after the Hong Kong-listed company denied market availability.
Mengniu Dairy plunged 22.6 percent to HK$20.35. Sanyuan Foods lost 3.06 percent to 5.07 yuan. Guangxi Royal Dairy shed 2.8 percent to 13.54 yuan.
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