Uncertainties plague bourse, index flat
Print Edition
SHANGHAI stocks ended nearly flat yesterday in tepid trading, with investors cautious amid signs of economic weakness and uncertainties clouding market outlook.
The benchmark Shanghai Composite Index ended 0.1 percent higher to 2,001.16 points after dropping the most in nine months on the previous day.
“The index is expected to hover around the 2,000 level as concern about economic slowdown is weighing on the market,” said Northeast Securities.
CITIC Securities said risk aversion prevailed due to lingering fears over credit defaults as a large number of bond and trust products will mature in the short term while the ongoing economic weakness may add to financing difficulties.
Central bank data on Monday showed that Chinese banks issued fewer loans than expected in February. New loans totaled 644.5 billion yuan (US$105 billion), less than half of a four-year high of 1.32 trillion yuan seen in January.
Weak lending added to evidence, including trade and inflation data, that indicated the world’s second-largest economy is losing momentum.
Lenders were mixed after Zhou Xiaochuan, the governor of the People’s Bank of China, said yesterday that China will fully liberalize interest rates in one to two years.
China CITIC Bank added 1.8 percent to 4.97 yuan. The Hua Xia Bank gained 1.4 percent to 7.88 yuan. The Industrial and Commercial Bank of China lost 0.9 percent to 3.23 yuan.
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