Shares flat but growth worries cloud sentiment
Print Edition
SHANGHAI stocks were little changed yesterday but investors’ aversion to higher risk and concerns over economic growth continued to cloud the market.
The Shanghai Composite Index edged up 0.02 percent to settle at 2,832.59 points, after the market fell above 5 percent in the previous two trading days as hopes for an economic recovery waned.
“Total trading turnover on Shanghai and Shenzhen markets plunged by nearly 30 percent from Monday, indicating sluggish market sentiment and a severe lack of confidence,” Changjiang Securities said in a note.
Investors were still uneasy about a People’s Daily article on Monday that suggested the government may not unveil a massive stimulus package.
Meanwhile, China’s consumer prices rose 2.3 percent year on year in April, flat from March, while factory-gate prices narrowed more than expected.
Shipping firms rode the waves as bargain hunters pursued undervalued blue-chip shares, observers said.
China Shipping Container Lines Co jumped by the daily limit of 10 percent while China Shipping Development Co gained 4.3 percent.
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