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Markets mixed on Greek political woes

By Wang Jiamei (Global Times)

09:13, May 16, 2012

The Shanghai and Shenzhen stock markets ended at odds yesterday, with the benchmark Shanghai Composite Index down 0.25 percent, or 5.88 points, to close at 2,374.84, and the Shenzhen Component Index up 0.38 percent, or 38.43 points, to finish at 10,131.81.

The Shanghai Composite opened 0.57 percent below its previous close, taking its cue from global financial markets, which tumbled overnight due to the political stalemate in Greece. The index wavered around its 30-day moving average most of the day before the heavily weighted financial and property sectors reversed the bearish movement near the end of trading to recover some of the earlier loss.

Market sentiment was mainly weighed down by worries about the impact of the European debt crisis after the Ministry of Commerce reported yesterday that China's foreign direct investment in April declined 0.74 percent year-on-year to $8.4 billion yuan. Moreover, uncertainty about Greece's political landscape also cast a shadow on the A-share market as talks between parties entered a second week. The home appliance, insurance, brewing and securities sectors were the best performers yesterday, while nonferrous metal, steel and coal companies saw the biggest losses.

The steel making sector underperformed the market due to the continued drop in steel prices.

The combined turnover of the Shanghai Composite and Shenzhen Component contracted 13.00 percent compared to Monday to 143.42 billion yuan. The two indices together saw 882 stocks gain in value, 1,400 lose and 195 draw even.

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