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Stocks lose 0.14% in morning trade
By Lu Nengneng |
February 17, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock index edged down in the morning session as blue chips dropped despite the securities authority encouraging buying.
The Shanghai Composite Index extended yesterday's losses, falling 0.14 percent to 2,353.51 points. Turnover stood at 37.7 billion yuan (US$6 billion).
Guo Shuqing, the head of China's Securities Regulatory Commission recently called on investors to buy blue chips, which are currently undervalued, but bullish investors tended to hold onto their money amid tight liquidity.
The central bank withdrew 6 billion yuan from the market through bill repurchases yesterday, making it less likely for any monetary policy easing in February.
Banks were mixed after the previous overselling. Industrial and Commercial Bank of China, the country's largest lender, dropped 0.23 percent to 4.38 yuan. China Construction Bank was up 0.21 percent to 4.85 yuan.
Coal miners, metal producers, and steel makers all lost. Yanzhou Coal Mining sunk 1.19 percent to 25 yuan. Jiangxi Copper fell 0.45 percent to 26.38 yuan. Inner Mongolia Baotou Steel slumped 0.99 percent to 5 yuan.
The Shanghai Composite Index extended yesterday's losses, falling 0.14 percent to 2,353.51 points. Turnover stood at 37.7 billion yuan (US$6 billion).
Guo Shuqing, the head of China's Securities Regulatory Commission recently called on investors to buy blue chips, which are currently undervalued, but bullish investors tended to hold onto their money amid tight liquidity.
The central bank withdrew 6 billion yuan from the market through bill repurchases yesterday, making it less likely for any monetary policy easing in February.
Banks were mixed after the previous overselling. Industrial and Commercial Bank of China, the country's largest lender, dropped 0.23 percent to 4.38 yuan. China Construction Bank was up 0.21 percent to 4.85 yuan.
Coal miners, metal producers, and steel makers all lost. Yanzhou Coal Mining sunk 1.19 percent to 25 yuan. Jiangxi Copper fell 0.45 percent to 26.38 yuan. Inner Mongolia Baotou Steel slumped 0.99 percent to 5 yuan.
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