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Stock index snaps 2-day loss; uncertainty prevails
By Lu Nengneng |
December 28, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up before market close after dipping to the lowest level in two and a half years earlier in the day as investors were uncertain about the year-end market trend.
The Shanghai Composite Index snapped a two-day loss, edging up 0.18 percent to 2,170.01 points. Turnover surged near the closing time to end at 40 billion yuan (US$6.34 billion).
The recent market fluctuation indicates volatile investor sentiment caused by a 22 percent benchmark plunge this year and the speculation of policy easing next year to boost China's slowing economy.
The central bank hasn't trimmed down the bank reserve requirement for another time as expected, and worries over liquidity crunch sent some bank shares down. Industrial Bank lost 0.32 percent to 12.3 yuan; Industrial and Commercial Bank of China rose 0.48 percent to 4.19 yuan.
Insurers continued yesterday's advance. China Life Insurance, the country's biggest insurer, gained 0.41 percent to 17.24 yuan. Ping An Insurance rose 1 percent to 34.12 yuan.
Brokers rose despite the recent sluggish turnover and market downturn as investors looked forward to next year's rally. CITIC Securities jumped 1.36 percent to 9.72 percent. China Merchants Securities gained 1 percent to 1 percent to 10.06 yuan.
Dairy producers dropped in the wake of the tainted milk scandal involving Mengniu, a major player in the milk industry. The Inner Mongolia-based Mengniu Dairy plunged 24 percent to HK$20, and damaged consumer confidence dragged down the shares of its rivals. Sanyuan Foods lost 2.49 percent to 5.1 yuan. Guangxi Royal Dairy lost 3.88 percent to 13.39 yuan.
The Shanghai Composite Index snapped a two-day loss, edging up 0.18 percent to 2,170.01 points. Turnover surged near the closing time to end at 40 billion yuan (US$6.34 billion).
The recent market fluctuation indicates volatile investor sentiment caused by a 22 percent benchmark plunge this year and the speculation of policy easing next year to boost China's slowing economy.
The central bank hasn't trimmed down the bank reserve requirement for another time as expected, and worries over liquidity crunch sent some bank shares down. Industrial Bank lost 0.32 percent to 12.3 yuan; Industrial and Commercial Bank of China rose 0.48 percent to 4.19 yuan.
Insurers continued yesterday's advance. China Life Insurance, the country's biggest insurer, gained 0.41 percent to 17.24 yuan. Ping An Insurance rose 1 percent to 34.12 yuan.
Brokers rose despite the recent sluggish turnover and market downturn as investors looked forward to next year's rally. CITIC Securities jumped 1.36 percent to 9.72 percent. China Merchants Securities gained 1 percent to 1 percent to 10.06 yuan.
Dairy producers dropped in the wake of the tainted milk scandal involving Mengniu, a major player in the milk industry. The Inner Mongolia-based Mengniu Dairy plunged 24 percent to HK$20, and damaged consumer confidence dragged down the shares of its rivals. Sanyuan Foods lost 2.49 percent to 5.1 yuan. Guangxi Royal Dairy lost 3.88 percent to 13.39 yuan.
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