Shares end flat amid cautious investors
Print Edition
SHANGHAI stocks closed flat yesterday as investors turned cautious amid an economic weakness, a sustained yuan devaluation and potential risk of corporate credit default.
The Shanghai Composite Index edged down 0.01 percent to 3,084.46 points.
Shares of ship and aircraft manufacturers, distilleries, coal and steel producers, and property developers fell.
“As investors enter the fourth quarter, they are shifting focus to how companies will perform. Companies with low valuation and high profitability are expected to outperform in the final quarter,” said Li Bin, analyst with Guosen Securities.
Economic data released this week pointed to a stable Chinese economy in the third quarter underpinned by a booming property market and strong government spending. However, some economists believe the momentum is unlikely to sustain due to the recent tighter control on the housing market.
China International Capital Corp said in a report that it maintained a cautious stance toward the stock market in the fourth quarter.
“Reform progress and a clear outlook of economic growth are important for the stock market,” the investment bank said. But it warned: “A yuan devaluation and the potential risk of credit default at corporations are major uncertainties and risks for the stock market.”
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