Shares end flat ahead of Dragon Boat break
Print Edition
SHANGHAI stocks ended little changed yesterday ahead of the holiday weekend, as gains in metal and coal producers were offset by losses in healthcare-related shares.
The Shanghai Composite Index shed 0.07 percent to 2,039.21 points, ending the month with a scant 0.63 percent gain. The market will be closed on Monday for the Dragon Boat Festival.
The metal and coal sectors rose amid signals the government is serious about stimulating the economy. The Ministry of Finance on Wednesday said it had ordered local governments to speed up spending, and Guangdong Province said earlier this week that it would spend nearly 65 billion yuan (US$10.4 billion) of its budget on infrastructure projects.
“Economic stimulus policies rolled out at different levels have helped boost market sentiment,” Dongguan Securities said in a note yesterday. “Short-term liquidity also improved after the central bank injected 20 billion yuan into the money market this week.”
Dong Wangfei, a Western Securities analyst, said investor wariness about the economy continues although morale has recovered a bit.
Jilin Jien Nickel Industry led the advance of nonferrous metal producers, jumping by the daily limit of 10 percent to 15.35 yuan. Jinduicheng Molybdenum rose 4 percent to 6.69 yuan. Datong Coal Industry added 1 percent to 5.98 yuan.
Medical equipment producers fell on profit-taking. Shinva Medical Instrument shed 0.6 percent to 70.46 yuan. Top Choice Medical Investment lost 1.6 percent to close at 40.62 yuan.
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