Stocks end flat on cautious sentiment
1/10/2005 17:06
Fu Chenghao/Shanghai Daily news
Shanghai shares
finished flat in cautious trade in the last trading session before the National
Day holiday yesterday. China's stock exchanges will be closed next week for
the holiday and reopen on October 10. The shanghai Composite Index, which
tracks yuan-denominated A shares and foreign-currency B shares, edged up 0.01
percent to 1,155.61. Turnover fell to 6.96 billion yuan (US$859 million) from
8.63 billion yuan in the previous session. The a-share Index added 0.01
percent to 1,214.01 while the B-share Index eased 0.12 percent to 67.65. "The
fall in turnover reflected the cautious market sentiment as the holiday's around
the corner," said Wei Wei, a West China Securities trader. The post-holiday
market performance will depend heavily on the progress of the non-tradable share
reform and the timetable for the resumption of new initial public offerings,
analysts said. Shanghai pudong Development Bank Co added 1.47 percent to
close at 8.30 yuan after announcing it was prepared to take part in the
state-share reform program. Companies that have B shares or Hong Kong-listed
H shares were in demand after news reports said that the timing is right for
them to start a state-share sale program. Jiangxi copper Co increased 2.05
percent to close at 5.47 yuan.
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