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Uncertainty dampens trading of Shanghai shares
By Ye Zhen |
April 12, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell today as investors, uncertain about the restart of initial public offerings, waited on the sidelines.
The benchmark Shanghai Composite Index slipped 0.58 percent, or 12.77 points, to 2,206.78 points and the turnover shrank to 56.2 billion yuan (US$9.1 billion). The index lost 0.83 percent this week, the third in a row.
"The market is still in adjustment and a shrinking turnover indicates investors are cautious about the restart of IPOs. This is likely to add downward pressure to share prices. The new property purchase control will also dim the outlook of developers and financials," said Shan Ying, analyst at Tongxin Securities.
Aircraft-related stocks declined. Jiangxi Hongdu Aviation Industry Co Ltd lost 1.9 percent to 17.15 yuan. China Spacesat Co skid 1.7 percent to 15.97 yuan. China Aerospace Times Electronics Co fell 2.8 percent to 8.84 yuan.
Cement producers were among the lossers. Anhui Conch Cement Co, China's biggest cement producer, shed 1.2 percent 18.62 yuan. Gansu Qilianshan Cement Group Co slumped 2.9 percent to 11.49 yuan. Shaanxi Qinling Cement Co decreased 2.9 percent to 5.94 yuan.
Distilleries gained as the Chinese government is to adopt a national standard on plasticizers in liquor within two months. Kweichow Moutai Co, a leading producer of high-end liquor, rose 2 percent to 172.23 yuan. Shanxi Xinghuacun Fen Wine Factory Co gained 1.3 percent to 32.02 yuan. Sichuan Tuopai Shede Wine Co notched up 0.8 percent to 20.12 yuan.
The benchmark Shanghai Composite Index slipped 0.58 percent, or 12.77 points, to 2,206.78 points and the turnover shrank to 56.2 billion yuan (US$9.1 billion). The index lost 0.83 percent this week, the third in a row.
"The market is still in adjustment and a shrinking turnover indicates investors are cautious about the restart of IPOs. This is likely to add downward pressure to share prices. The new property purchase control will also dim the outlook of developers and financials," said Shan Ying, analyst at Tongxin Securities.
Aircraft-related stocks declined. Jiangxi Hongdu Aviation Industry Co Ltd lost 1.9 percent to 17.15 yuan. China Spacesat Co skid 1.7 percent to 15.97 yuan. China Aerospace Times Electronics Co fell 2.8 percent to 8.84 yuan.
Cement producers were among the lossers. Anhui Conch Cement Co, China's biggest cement producer, shed 1.2 percent 18.62 yuan. Gansu Qilianshan Cement Group Co slumped 2.9 percent to 11.49 yuan. Shaanxi Qinling Cement Co decreased 2.9 percent to 5.94 yuan.
Distilleries gained as the Chinese government is to adopt a national standard on plasticizers in liquor within two months. Kweichow Moutai Co, a leading producer of high-end liquor, rose 2 percent to 172.23 yuan. Shanxi Xinghuacun Fen Wine Factory Co gained 1.3 percent to 32.02 yuan. Sichuan Tuopai Shede Wine Co notched up 0.8 percent to 20.12 yuan.
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