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August 27, 2016

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Shares flat as eyes on Fed move

SHANGHAI stocks closed nearly flat yesterday amid investor concerns over a potential interest rate move by the US Federal Reserve.

The Shanghai Composite Index added 0.06 percent, or 1.98 points, to 3,070.31 points.

Market watchers and investors adopted a wait-and-see attitude as they waited for a clearer picture on the direction of US interest rates after Fed chair Janet Yellen’s speech due to take place later yesterday.

Financial shares were mixed after the China Insurance Regulatory Commission yesterday refuted previous reports that as much as 600 billion yuan (US$90 billion) worth of insurance funds would pull out from the domestic equity market.

China Pacific Insurance (Group) Co added 0.34 percent to 26.51 yuan. Bank of Communications edged up 0.17 percent to 5.82 yuan after it reported late Thursday that its net profit gained 0.9 per cent.


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