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People's Daily Online>>China Business

Stock markets fall again on policy outlook

(Global Times)

09:07, December 15, 2011

Both the Shanghai and Shenzhen stock markets fell for the fifth consecutive trading day amid sluggish investor confidence as the central economic work conference indicated it is to maintain prudent monetary policy next year.

The benchmark Shanghai Composite Index dropped 0.89 percent, or 20.07 points, to close at 2,228.53; while the Shenzhen Component Index lost 1.06 percent, or 97.85 points, to finish at 9,093.03.

Mainland stock markets were overshadowed by the concern that no big change will be seen in monetary policy next year as China's annual central economic work conference, which ended yesterday, stated that the government will be "making progress while maintaining stability" in 2012.

Trading sentiment was hit substantially after the Shanghai Composite broke the long-term support mark of 2,245 points at the beginning of trading.

Although electricity and agriculture stocks rallied to lead a rebound in the morning session, the bearish performance of weighted sectors such as brokerages erased the early gains.

With no other boost to the market, the Shanghai index continued sliding over the rest of the day, at one point hitting 2,224.72 points - its lowest level since March 2009.

The combined turnover of the Shanghai Composite and Shenzhen Component saw a sharp decrease compared to Tuesday of 21.98 percent to 75.95 billion yuan ($11.92 billion).

The two indices together saw 1,957 stocks losing in value, 323 gaining and 111 drawing even.

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