Shares end flat as caution lingers
Print Edition
SHANGHAI’s key stock index hit an eight-month low in intraday trading before ending nearly flat yesterday as caution prevailed ahead of the release of economic data.
The Shanghai Composite Index fell 0.17 percent to 1,997.69 points, after reaching an intraday low of 1974.38, the lowest since July.
The index has slumped 5.6 percent so far this year on a combination of a resumption in initial public offerings, a gloomy economic outlook and fears of a credit default spreading.
“Investors are still cautious ahead of the release of economic data that may further impact the market,” Shenyin & Wanguo Securities said. “The current declining trend is unlikely to be reversed in the short term without new stimulus.”
China today will release industrial and retail figures which may provide more clues about economic conditions after earlier data on trade, inflation and credit supply signaled moderating growth.
Oil stocks declined, with China Petroleum & Chemical Corp falling 4.9 percent to 4.97 yuan (81 US cents). Sinopec Shanghai Petrochemical Co plunged 5.5 percent to 3.64 yuan. PetroChina Co lost 2.2 percent to 7.56 yuan.
China CITIC Bank surged by the daily limit of 10 percent to finish at 5.47 yuan.
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