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Sluggish market ends nearly flat as investors await key data
By Ye Zhen |
May 10, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks ended nearly flat today as investors waited on the sidelines ahead of economic data due to be released tomorrow.
The Shanghai Composite Index edged up 0.07 percent or 1.64 points to 2,410.23. Turnover stood at 81.1 billion yuan (US$12.9 billion) at the trading close.
China's outward shipments in April grew 4.9 percent from a year earlier to US$163.3 billion, down from an 8.9 percent rise in March, the General Administration of Customs said today. The country recorded a trade surplus of US$18.4 billion for the month.
Exports to the European Union, China's largest exports destination, rose a mere 0.3 percent from January to April, reigniting concerns that the eurozone crisis is dragging down the world's second biggest economy.
The market is waiting for direction from a slew of data, including the Consumer Price Index, a major gauge of inflation, which will be released tomorrow.
The medical sector advanced on government policies that encourage mergers and the reorganization of medical enterprises. Guangzhou Pharmaceutical Co climbed 6.54 percent to 17.28 yuan. Guangzhou Baiyunshan Pharmaceutical Co gained 6.01 percent to 14.65 yuan. Shanghai Furen Industrial (Group) Co rose 4.97 percent to 15.85 yuan.
The oil sector rose as the National Development and Reform Commission, China's top economic planning agency, announced it will cut gasoline and diesel prices by 3 percent for the first time in 2012. Sinopec Shanghai Petrochemical Co rose 2.15 percent to 6.19 yuan. China Oilfield Services increased 2 percent to 19.39 yuan.
China Petroleum And Chemical Co, also known as Sinopec, and China's largest oil refiner, added 0.14 percent to 7.12 yuan. PetroChina Co, the second biggest, lost 0.72 percent to 9.66 yuan.
Property developers were mixed after Shanghai Securities News cited an official as saying the central government will levy property taxes in more cities this year. Zhongzhu Holding Co and Shanghai Fenghwa Group Co both surged the day limit of 10 percent to 21.70 yuan and 10.41 yuan respectively. Shanghai Xinmei Real Estate Co slumped 7.80 percent to 7.80 yuan. Shanghai Jinfeng Investment Co fell 4 percent to 9.11 yuan.
The Shanghai Composite Index edged up 0.07 percent or 1.64 points to 2,410.23. Turnover stood at 81.1 billion yuan (US$12.9 billion) at the trading close.
China's outward shipments in April grew 4.9 percent from a year earlier to US$163.3 billion, down from an 8.9 percent rise in March, the General Administration of Customs said today. The country recorded a trade surplus of US$18.4 billion for the month.
Exports to the European Union, China's largest exports destination, rose a mere 0.3 percent from January to April, reigniting concerns that the eurozone crisis is dragging down the world's second biggest economy.
The market is waiting for direction from a slew of data, including the Consumer Price Index, a major gauge of inflation, which will be released tomorrow.
The medical sector advanced on government policies that encourage mergers and the reorganization of medical enterprises. Guangzhou Pharmaceutical Co climbed 6.54 percent to 17.28 yuan. Guangzhou Baiyunshan Pharmaceutical Co gained 6.01 percent to 14.65 yuan. Shanghai Furen Industrial (Group) Co rose 4.97 percent to 15.85 yuan.
The oil sector rose as the National Development and Reform Commission, China's top economic planning agency, announced it will cut gasoline and diesel prices by 3 percent for the first time in 2012. Sinopec Shanghai Petrochemical Co rose 2.15 percent to 6.19 yuan. China Oilfield Services increased 2 percent to 19.39 yuan.
China Petroleum And Chemical Co, also known as Sinopec, and China's largest oil refiner, added 0.14 percent to 7.12 yuan. PetroChina Co, the second biggest, lost 0.72 percent to 9.66 yuan.
Property developers were mixed after Shanghai Securities News cited an official as saying the central government will levy property taxes in more cities this year. Zhongzhu Holding Co and Shanghai Fenghwa Group Co both surged the day limit of 10 percent to 21.70 yuan and 10.41 yuan respectively. Shanghai Xinmei Real Estate Co slumped 7.80 percent to 7.80 yuan. Shanghai Jinfeng Investment Co fell 4 percent to 9.11 yuan.
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