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Stocks lose 0.37% in morning session
By Hu Xiaocen |
February 21, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell in the morning session, erasing yesterday's gains as heavyweight stocks slid.
The Shanghai Composite Index slid 0.37 percent, or 8.86 points to 2,354.74 by noon break with a turnover of 36.5 billion yuan (US$5.8 billion).
"Despite yesterday's stocks rise, investors should be warned about the possible downturn of the index, unless turnover will exceed 100 billion yuan during the day," said Li Shitong, strategic analyst at China Development Bank Securities.
Trading turnover on Monday was 82.3 billion yuan. The stock market will only continue its rebound on more measures unveiled by the government to bolster the economy, Li said. "This is the second wave of market correction after the rally for more than a month," he added.
However other analysts did not agree with Li.
"The A-share market is on a rising track, although at a slow pace," said Wang Qiongyu, senior analyst at Founder Securities. "The market expectation of cut in bank reserve ratios was finally realized, which boosted investors' confidence."
Although major institutions predict that there will be more cuts in banks' reserve ratios, it does not mean that the government will further relax the monetary policy.
The central bank said last weekend that it would maintain a prudent monetary policy as the country faces pressure in supporting growth and containing inflation.
Among slumping heavyweight stocks, only cement producers and oil refiners gained by the noon break.
The Shanghai Composite Index slid 0.37 percent, or 8.86 points to 2,354.74 by noon break with a turnover of 36.5 billion yuan (US$5.8 billion).
"Despite yesterday's stocks rise, investors should be warned about the possible downturn of the index, unless turnover will exceed 100 billion yuan during the day," said Li Shitong, strategic analyst at China Development Bank Securities.
Trading turnover on Monday was 82.3 billion yuan. The stock market will only continue its rebound on more measures unveiled by the government to bolster the economy, Li said. "This is the second wave of market correction after the rally for more than a month," he added.
However other analysts did not agree with Li.
"The A-share market is on a rising track, although at a slow pace," said Wang Qiongyu, senior analyst at Founder Securities. "The market expectation of cut in bank reserve ratios was finally realized, which boosted investors' confidence."
Although major institutions predict that there will be more cuts in banks' reserve ratios, it does not mean that the government will further relax the monetary policy.
The central bank said last weekend that it would maintain a prudent monetary policy as the country faces pressure in supporting growth and containing inflation.
Among slumping heavyweight stocks, only cement producers and oil refiners gained by the noon break.
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