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Shares drop as investors turn cautious
By Zhu Shenshen |
December 12, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower in the morning session after going higher in earlier trade, because investors turn more cautious as the key index approaches the 2,100-point line.
The key Shanghai Composite Index lost 0.13 percent, or 2.67 percent points, to 2,072.03 points. Turnover was 30.9 billion yuan (US$4.9 billion) by midday. The index faces pressure above the 2,100-point mark in the short term, analysts said.
Real property and energy counters declined in the morning. China Vanke, the nation's biggest developer, declined 1.08 percent to close at 9.14 yuan. China Petroleum and Chemical Corp, better known as Sinopec, closed 0.47 percent lower to 6.31 yuan.
Banks, however, slightly gained in the morning session.
Bank of Communications climbed 0.23 percent to 4.44 yuan. Industrial Bank Co gained 0.5 percent to 3.97 yuan.
Kweichow Moutai Co, which was reportedly to have added chemical materials in its liquor, jumped 2.6 percent to 207.58 yuan, after the company said its products met the national standards and its shareholders promised to increase stakes worth 2 billion yuan in the future.
The key Shanghai Composite Index lost 0.13 percent, or 2.67 percent points, to 2,072.03 points. Turnover was 30.9 billion yuan (US$4.9 billion) by midday. The index faces pressure above the 2,100-point mark in the short term, analysts said.
Real property and energy counters declined in the morning. China Vanke, the nation's biggest developer, declined 1.08 percent to close at 9.14 yuan. China Petroleum and Chemical Corp, better known as Sinopec, closed 0.47 percent lower to 6.31 yuan.
Banks, however, slightly gained in the morning session.
Bank of Communications climbed 0.23 percent to 4.44 yuan. Industrial Bank Co gained 0.5 percent to 3.97 yuan.
Kweichow Moutai Co, which was reportedly to have added chemical materials in its liquor, jumped 2.6 percent to 207.58 yuan, after the company said its products met the national standards and its shareholders promised to increase stakes worth 2 billion yuan in the future.
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