Lackluster sentiment overshadows share market
28/12/2005 9:31
Leo Zhang/Shanghai Daily news
Shanghai shares dipped
yesterday on media reports that fewer investors traded in November on concerns
the market may further sink. The Shanghai Composite Index, which groups both
yuan-denominated A shares and hard-currency B shares, eased 0.22 percent to
1,154.29. The A-share index shed 0.22 percent to 1,213.89 while the B-share
index edged up 0.20 percent to 61.28. "The market has long been riddled by
lackluster sentiment," said Lu Chengde, a Guosen Securities Co trader. "Besides,
investors tend to siphon funds out towards the end of the year." In November,
a total of 25.6 million individual accounts traded shares and bonds on the
Shanghai and Shenzhen bourses, a drop of 94,900 accounts from a month earlier,
the Shanghai Securities News reported, citing data from China Securities
Depository & Clearing Corp. It's the third month in a row that China's
stock bourses have lost investors, the paper said. Besides, nearly 77 percent
of stock investors lost money on the markets this year, Xinhua news agency said,
citing a survey conducted by China Securities Journal and Huading Investigation
Co. China Yangtze Power Co, operator of the world's biggest hydropower
project, slipped 1.42 percent to 6.93 yuan (86 US cents). China Petroleum
& Chemical Corp, Asia's biggest oil refiner, slipped 0.22 percent to 4.58
yuan.
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