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Stocks edge up ahead of Fed decision
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SHANGHAI stocks edged up yesterday as investors took a cautious stance ahead of the US Federal Reserve’s decision on interest rate hike.
The Shanghai Composite Index added 0.17 percent to 3,516 points. Turnover was tepid as 265.3 billion yuan (US$41 billion) worth of shares changed hands.
“Weak trading activity indicated investors were reluctant to enter the market as they awaited the outcome of the Fed meeting on interest rate decision,” Guolian Securities said in a note yesterday.
“Meanwhile, funds locked up by new-share sales have yet to flow back into the market,” the brokerage said.
A total of 10 companies launched initial public offering subscription this week, freezing up funds estimated around 3 trillion yuan, according to Guotai Junan Securities.
Oil shares gained after the government suspended a hike in gasoline and diesel prices. Sinopec Shanghai Petrochemical Co surged by the daily limit of 10 percent to 6.93 yuan. Shanghai Lonyer Fuels Co jumped 5.9 percent to 22.54 yuan.
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