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Shares volatile on Italy downgrade, new IPOs
By Lydia Chen |
September 20, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI stock market swung between gains and losses in the morning session, with the index once tumbling to its lowest in more than 14 months but managing to bounce back during the last minutes.
A report by the official People's Daily however cautioned that the market might weaken further as more initial public offerings could dilute investor funds, while analysts said Europe's worsening debt crisis would cast a shadow on the local bourse after Standard & Poor cut Italy's credit rating.
The Shanghai Composite Index edged up 0.41 percent to 2,447.80. Turnover continued to fall to 22.6 billion yuan (US$3.54 billion).
Cement makers were among the gainers after Premier Wen Jiabao said yesterday China would continue to promote the construction of public rental housing.
Anhui Conch Cement added 1.57 percent to 17.42 yuan.
Wen said the government would allow financial institutions to lend to qualified local government financing vehicles for public-rental housing projects, according to an official statement.
Gold and copper producers were among the decliners in the early trading.
Zijin Mining, China's biggest gold producer by market value, lost 1.41 percent to 4.90 yuan.
The miner said it would pay 1.52 million yuan in "advanced compensation" as ordered by the court for deaths and injuries related to the collapse of a tailing dam last year in Xinyi in Guangdong Province.
Jiangxi Copper shed 1.29 percent to 29.75 yuan.
Copper futures for December delivery yesterday tumbled the most in 10 months.
Meanwhile, the People's Daily said today the chance of a local stock market bounce-back would get slimmer if the country continued to allow more IPOs and new placements.
A total of 229 new listings debuted during the first three quarters of this year, racking up a total of 230 billion yuan, according to China Securities Journal today.
A report by the official People's Daily however cautioned that the market might weaken further as more initial public offerings could dilute investor funds, while analysts said Europe's worsening debt crisis would cast a shadow on the local bourse after Standard & Poor cut Italy's credit rating.
The Shanghai Composite Index edged up 0.41 percent to 2,447.80. Turnover continued to fall to 22.6 billion yuan (US$3.54 billion).
Cement makers were among the gainers after Premier Wen Jiabao said yesterday China would continue to promote the construction of public rental housing.
Anhui Conch Cement added 1.57 percent to 17.42 yuan.
Wen said the government would allow financial institutions to lend to qualified local government financing vehicles for public-rental housing projects, according to an official statement.
Gold and copper producers were among the decliners in the early trading.
Zijin Mining, China's biggest gold producer by market value, lost 1.41 percent to 4.90 yuan.
The miner said it would pay 1.52 million yuan in "advanced compensation" as ordered by the court for deaths and injuries related to the collapse of a tailing dam last year in Xinyi in Guangdong Province.
Jiangxi Copper shed 1.29 percent to 29.75 yuan.
Copper futures for December delivery yesterday tumbled the most in 10 months.
Meanwhile, the People's Daily said today the chance of a local stock market bounce-back would get slimmer if the country continued to allow more IPOs and new placements.
A total of 229 new listings debuted during the first three quarters of this year, racking up a total of 230 billion yuan, according to China Securities Journal today.
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