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Stocks dip 0.3% in volatile early trade
By Lu Nengneng |
April 11, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index swang between gains and losses in the morning as investors were divided on future monetary policy changes as China faces both an inflation rebound and economic slowdown.
The key benchmark Shanghai Composite Index dropped as much as 1.06 percent and rose as much as 0.51 percent before closing 0.31 percent down at 2,298.74 points. Turnover stood at 41.8 billion yuan (US$6.6 billion).
Though most investors turned bearish on the liquidity situation as China's inflation rate went up from 3.2 percent in February to 3.6 percent in March, there was renewed optimism over another monetary policy easing as slowing growth of exports and imports stoke fears that the slump in both domestic and external demand will hamper the soft-landing of China's economy.
The customs bureau said yesterday that China's outbound and inbound shipments rose 8.9 percent and 5.3 percent in March, far down from their respective 18.4 percent and 39.6 percent growth in February.
Hopeful of another reserve requirement ratio cut around the corner, banks were mixed. China Construction Bank lost 1.1 percent to 4.69 yuan. Bank of China gained 0.3 percent to 3.03 yuan.
Miners and metal producers were among the biggest losers. Yanzhou Coal Mining shed 0.7 percent to 22.29 yuan. Wuhan Steel & Iron was down 1 percent to 2.86 yuan. Jiangxi Copper tumbled 1.2 percent to 24.29 yuan.
The key benchmark Shanghai Composite Index dropped as much as 1.06 percent and rose as much as 0.51 percent before closing 0.31 percent down at 2,298.74 points. Turnover stood at 41.8 billion yuan (US$6.6 billion).
Though most investors turned bearish on the liquidity situation as China's inflation rate went up from 3.2 percent in February to 3.6 percent in March, there was renewed optimism over another monetary policy easing as slowing growth of exports and imports stoke fears that the slump in both domestic and external demand will hamper the soft-landing of China's economy.
The customs bureau said yesterday that China's outbound and inbound shipments rose 8.9 percent and 5.3 percent in March, far down from their respective 18.4 percent and 39.6 percent growth in February.
Hopeful of another reserve requirement ratio cut around the corner, banks were mixed. China Construction Bank lost 1.1 percent to 4.69 yuan. Bank of China gained 0.3 percent to 3.03 yuan.
Miners and metal producers were among the biggest losers. Yanzhou Coal Mining shed 0.7 percent to 22.29 yuan. Wuhan Steel & Iron was down 1 percent to 2.86 yuan. Jiangxi Copper tumbled 1.2 percent to 24.29 yuan.
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