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People's Daily Online>>China Business

Chinese stocks inch down, track US loss

By Yu Xi (Global Times)

08:21, April 20, 2012

Both the Shanghai and Shenzhen stock markets finished down slightly Thursday after the Shanghai Composite experienced its biggest one-day percentage rise in more than two months Wednesday.

The benchmark Shanghai Composite Index lost 0.09 percent, or 2.21 points, to end at 2,378.63; while the Shenzhen Component Index slipped 0.54 percent, or 54.13 points, to finish at 10,015.41.

The two indices edged down at midday Thursday, following losses on the US stock markets due to mounting worries about Europe's debt crisis and the slowing growth of the global economy, analysts said. The indices were able to bounce back slightly due to the strong performance of the insurance sector.

The brewing, food, chemical fiber, road and bridge infrastructure, hotel and tourism sectors posted the biggest losses Thursday.

The government also indicated that it intends to cut banks' reserve requirement ratios in an effort to make sure inter-bank liquidity remains at a reasonable level, the Xinhua News Agency reported late Wednesday, citing an unnamed central bank official.

Overall, the market remained flat Thursday as investors adopted a wait-and-see attitude towards the central bank's plan to boost liquidity, analysts said.

The new energy sector also got a slight boost in morning trading after China's State Council announced Wednesday that it would step up expansion of clean technology and promote the development of high-efficiency automobiles.

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