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Stocks end 0.14% up in morning trade
By Lu Nengneng |
February 13, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up in morning trade as tight liquidity and the government's unwavering stance on housing inflation weakened the bullish forces built up during the previous rally.
The Shanghai Composite Index closed 0.14 percent up to 2,355.19 points by noon break, after reversing losses of up to 1.12 percent earlier in the day. Turnover stood at 40.3 billion yuan (US$6.4 billion).
Heavy-weighted resource stocks extended their advance after the key index chalked up its fourth consecutive weekly gains. Zijin Mining Industry added 0.89 percent to 4.54 yuan. Aluminum Corporation of China rose 0.42 yuan to 7.24 yuan.
But the money inflow to sustain the bullish market trend drained after the central bank announced last Friday that the year-on-year growth of broad M2 money supply had slowed down in January to 12.4 percent from 13.6 percent in December.
Banks fell after new loans in January totaled only 738.1 billion yuan, below the anticipated 1 trillion yuan. China CITIC Bank shed 0.45 percent to 4.44 yuan. China Merchants Bank lost 0.54 percent to 12.82 yuan.
Property developers took the brunt of the decline after Premier Wen Jiabao pledged last week that the government's efforts to bring housing prices back to "reasonable levels" will not falter. Poly Real Estate sunk 2.1 percent to 10.68 yuan. China Vanke slid 1.53 percent to 7.73 yuan.
The Shanghai Composite Index closed 0.14 percent up to 2,355.19 points by noon break, after reversing losses of up to 1.12 percent earlier in the day. Turnover stood at 40.3 billion yuan (US$6.4 billion).
Heavy-weighted resource stocks extended their advance after the key index chalked up its fourth consecutive weekly gains. Zijin Mining Industry added 0.89 percent to 4.54 yuan. Aluminum Corporation of China rose 0.42 yuan to 7.24 yuan.
But the money inflow to sustain the bullish market trend drained after the central bank announced last Friday that the year-on-year growth of broad M2 money supply had slowed down in January to 12.4 percent from 13.6 percent in December.
Banks fell after new loans in January totaled only 738.1 billion yuan, below the anticipated 1 trillion yuan. China CITIC Bank shed 0.45 percent to 4.44 yuan. China Merchants Bank lost 0.54 percent to 12.82 yuan.
Property developers took the brunt of the decline after Premier Wen Jiabao pledged last week that the government's efforts to bring housing prices back to "reasonable levels" will not falter. Poly Real Estate sunk 2.1 percent to 10.68 yuan. China Vanke slid 1.53 percent to 7.73 yuan.
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