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Investors cash in gains from shares' 2-day rise
9/12/2005 14:19

Dai Qian/Shanghai Daily news

Investors began to take profits after two days of rises, sending shares in Shanghai slightly lower yesterday.
The Shanghai Composite Index, which tracks both yuan-dominated A shares and hard-currency B shares, eased 0.12 percent to 1,098.32. The A-share index dipped 0.11 percent to 1,154.85 while B-share index lost 0.54 percent at 59.21.
Analysts predicted the market will continue to be clouded by weakness till the end of the year.
"The index will hover around 1,100 at the end of this year and go up after the Chinese New Year festival when companies release annual fiscal results," said Zhang Qi, a Haitong Securities Co analyst.
Among losers in the steel sector, Baoshan Iron & Steel Co fell 1.01 percent to 3.93 yuan (49 US cents), followed by Wuhan Iron & Steel Co, which lost 1.44 percent to 2.73 yuan.
Airline shares also had a pessimistic day with most of them dropping amid worries that China's oil price would rise following the gains in global oil futures this week. A barrel of light crude rose above US$60 on Tuesday on the New York Mercantile Exchange.
But shares of two airlines rose - China Eastern Airlines Co and Hainan Airlines Co inched up 0.42 percent to 2.37 yuan and 2.38 yuan respectively. But heavy selling sent shares of the other airlines, led by China Southern Airlines Co which dipped 0.38 percent to 2.6 yuan, lower.
In the power and energy sector, Shenyang Jinshan Thermoelectric Co Ltd became the biggest loser at 2.17 percent to 4.97 yuan. Shenergy Co Ltd fell  1.18 percent to close at 5.04 yuan. China Yangtze Power Co Ltd dipped 0.7 percent to 7.12 yuan.
China United Telecommunications, the second-largest mobile operator in the nation, ended flat at 2.69 yuan.