Stocks end flat despite Wen's comment
By Staff Reporter |
July 17, 2010, Saturday
|
Print Edition
Print Edition
THE Shanghai stock market closed generally flat yesterday, despite some shares staging a rebound and Premier Wen Jiabao's reiteration that macro-economic policy will remain stable.
The Shanghai Composite Index dipped 0.03 point to close at 2,424.27.
The barometer lost a total of 1.89 percent this week.
"China's economy is (growing) consistent with the government's macro-economic regulation and control," Wen said during a press conference with German Chancellor Angela Merkel who is on visit to the country. "The theme of regulation in the second half is to maintain stability in the policy," he added.
Banks were mixed as investors remained cautious about a slowdown in economic growth after the National Bureau of Statistics reported on Thursday the gross domestic product rose 10.3 percent in the second quarter from a year earlier, down from an 11.9 percent expansion in the first three months.
The Industrial and Commercial Bank of China lost 0.72 percent to 4.15 yuan (62 US cents). The Bank of China fell 0.58 percent to 3.43 yuan. Shanghai Pudong Development Bank rose 0.35 percent to 14.15 yuan.
"The market will remain rather sluggish in the short term as few investors are willing to trade due to uncertainties," said Zhang Gang, analyst at Zhongyuan Securities.
Zijin Mining Group Co dropped 5.43 percent to 5.22 yuan after it said three managers were detained by the police following an acid spill.
Metal firms gained. Jiangxi Copper added 2.01 percent.
The Shanghai Composite Index dipped 0.03 point to close at 2,424.27.
The barometer lost a total of 1.89 percent this week.
"China's economy is (growing) consistent with the government's macro-economic regulation and control," Wen said during a press conference with German Chancellor Angela Merkel who is on visit to the country. "The theme of regulation in the second half is to maintain stability in the policy," he added.
Banks were mixed as investors remained cautious about a slowdown in economic growth after the National Bureau of Statistics reported on Thursday the gross domestic product rose 10.3 percent in the second quarter from a year earlier, down from an 11.9 percent expansion in the first three months.
The Industrial and Commercial Bank of China lost 0.72 percent to 4.15 yuan (62 US cents). The Bank of China fell 0.58 percent to 3.43 yuan. Shanghai Pudong Development Bank rose 0.35 percent to 14.15 yuan.
"The market will remain rather sluggish in the short term as few investors are willing to trade due to uncertainties," said Zhang Gang, analyst at Zhongyuan Securities.
Zijin Mining Group Co dropped 5.43 percent to 5.22 yuan after it said three managers were detained by the police following an acid spill.
Metal firms gained. Jiangxi Copper added 2.01 percent.
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