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Shares stay flat on growth concerns
By Feng Jianmin |
September 22, 2012, Saturday
|
Print Edition
Print Edition
THE Shanghai stock market closed almost unchanged yesterday, capping the largest weekly loss in 11 months, on fears China will delay economic stimulus measures amid easier monetary policies in the West.
The Shanghai Composite Index rose 0.09 percent, or 1.85 points, to 2,026.69 points. Turnover was 47.7 billion yuan (US$7.5 billion). The index dropped 4.6 percent this week, the biggest weekly decline since October 21.
"There is little improvement in China's macro-economy," said Zhou Xuejun, an analyst at China Nature Asset Management Co. "Easing monetary measures overseas may help an economic recovery, but also fueled concern for domestic inflation."
China will not make significant policy changes to boost the economy under inflationary pressure, and the stock market will continue to fluctuate at a low level, Zhou added.
Commodity producers rose on speculation that monetary easing measures abroad will drive up prices. Zhongjin Gold Mining Co surged 4.7 percent to 18.25 yuan. Yunnan Copper rose 0.7 percent to 16.41 yuan.
Shipping companies jumped after the Baltic Dry Index, a measure of commodity shipping costs, surged in the past two days. China Shipping Container Lines Co was up 2.5 percent to 2.08 yuan. China COSCO Holdings Co rose 6 percent to 4.07 yuan.
Banks continued to fall. Industrial and Commercial Bank of China dipped 0.5 percent to 3.66 yuan, while Agricultural Bank of China was down 0.8 percent to 2.41 yuan.
The Shanghai Composite Index rose 0.09 percent, or 1.85 points, to 2,026.69 points. Turnover was 47.7 billion yuan (US$7.5 billion). The index dropped 4.6 percent this week, the biggest weekly decline since October 21.
"There is little improvement in China's macro-economy," said Zhou Xuejun, an analyst at China Nature Asset Management Co. "Easing monetary measures overseas may help an economic recovery, but also fueled concern for domestic inflation."
China will not make significant policy changes to boost the economy under inflationary pressure, and the stock market will continue to fluctuate at a low level, Zhou added.
Commodity producers rose on speculation that monetary easing measures abroad will drive up prices. Zhongjin Gold Mining Co surged 4.7 percent to 18.25 yuan. Yunnan Copper rose 0.7 percent to 16.41 yuan.
Shipping companies jumped after the Baltic Dry Index, a measure of commodity shipping costs, surged in the past two days. China Shipping Container Lines Co was up 2.5 percent to 2.08 yuan. China COSCO Holdings Co rose 6 percent to 4.07 yuan.
Banks continued to fall. Industrial and Commercial Bank of China dipped 0.5 percent to 3.66 yuan, while Agricultural Bank of China was down 0.8 percent to 2.41 yuan.
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