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Shares down 0.3% as Shanghai market in correction
By Wang Yanlin |
April 11, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower today, ending a two-day rally as investor sentiment weakened despite new loans and money supply exceeded estimates in March.
The benchmark Shanghai Composite Index dropped 0.3 percent or 6.58 points to 2,219.55. Turnover stood at 62.1 billion yuan (US$9.9 billion), the smallest so far this year.
Bolstered by easing inflationary pressure and upbeat imports data in March, the index rebounded from losses earlier this month.
"The market is adjusting," said Qiu Gaoqin, an analyst at Bank of Communications. "The good economic data are encouraging, but they can't sustain the market if investors feel uncertain about the future."
Commodity producers led the losses. Jiangxi Copper Co, the country's biggest producer of the metal, fell the most in one week after metal prices retreated. Aluminum Corp of China Ltd also slumped after rising 5.6 percent a day earlier.
Cyclical stocks such as energy and materials tend to suffer first when people are uncertain about the economy, analysts said.
But stocks related with Hainan Province in south China all gained today as President Xi Jinping was having a field study there, sending good messages to local businesses.
Automakers are also winners today. FAW Car Co Ltd jumped by the daily limit of 10 percent.
The benchmark Shanghai Composite Index dropped 0.3 percent or 6.58 points to 2,219.55. Turnover stood at 62.1 billion yuan (US$9.9 billion), the smallest so far this year.
Bolstered by easing inflationary pressure and upbeat imports data in March, the index rebounded from losses earlier this month.
"The market is adjusting," said Qiu Gaoqin, an analyst at Bank of Communications. "The good economic data are encouraging, but they can't sustain the market if investors feel uncertain about the future."
Commodity producers led the losses. Jiangxi Copper Co, the country's biggest producer of the metal, fell the most in one week after metal prices retreated. Aluminum Corp of China Ltd also slumped after rising 5.6 percent a day earlier.
Cyclical stocks such as energy and materials tend to suffer first when people are uncertain about the economy, analysts said.
But stocks related with Hainan Province in south China all gained today as President Xi Jinping was having a field study there, sending good messages to local businesses.
Automakers are also winners today. FAW Car Co Ltd jumped by the daily limit of 10 percent.
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