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Stocks mixed as market in correction
By Ye Zhen |
January 9, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks were mixed this morning as investors traded cautiously amid market correction.
The key Shanghai Composite Index added 0.07 percent to 2,277.71 points. Turnover reached 48.2 billion yuan (US$7.8 billion) by the noon break.
"Market confidence is recovering as the Chinese economy is stabilizing thanks to stimulus measures," China Merchants Bank said in a weekly report.
"But investors seem to adopt a more cautious stance after the market surged rapidly in a short term," the lender said.
The China Securities Regulatory Commission yesterday required companies that applied for initial public offerings on domestic markets to verify and submit their financial reports before March 31. Companies that fail to do so must terminate their application in 20 days, the commission said.
The regulator will also form investigation teams to spot-check 20 to 50 IPO applications to punish cheating in financial reports.
Distilleries led the gainers. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.1 percent to 215.35 yuan. Shanxi Xinghuacun Fen Wine Factory Co advanced 4.2 percent to 42.10 yuan. Sichuan Tuopai Shede Wine Co gained 2.5 percent to 30.45 yuan.
Cement producers declined. Anhui Conch Cement Co, China's largest cement producer, lost 0.8 percent to 18.73 yuan. Shaanxi Qinling Cement Co shed 0.7 percent to 7.12 yuan.
The key Shanghai Composite Index added 0.07 percent to 2,277.71 points. Turnover reached 48.2 billion yuan (US$7.8 billion) by the noon break.
"Market confidence is recovering as the Chinese economy is stabilizing thanks to stimulus measures," China Merchants Bank said in a weekly report.
"But investors seem to adopt a more cautious stance after the market surged rapidly in a short term," the lender said.
The China Securities Regulatory Commission yesterday required companies that applied for initial public offerings on domestic markets to verify and submit their financial reports before March 31. Companies that fail to do so must terminate their application in 20 days, the commission said.
The regulator will also form investigation teams to spot-check 20 to 50 IPO applications to punish cheating in financial reports.
Distilleries led the gainers. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.1 percent to 215.35 yuan. Shanxi Xinghuacun Fen Wine Factory Co advanced 4.2 percent to 42.10 yuan. Sichuan Tuopai Shede Wine Co gained 2.5 percent to 30.45 yuan.
Cement producers declined. Anhui Conch Cement Co, China's largest cement producer, lost 0.8 percent to 18.73 yuan. Shaanxi Qinling Cement Co shed 0.7 percent to 7.12 yuan.
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