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Winning streak ends for mainland stocks

By Wang Jiamei (Global Times)

08:24, May 24, 2012

Both the Shanghai and Shenzhen stock markets snapped their two-day rallies yesterday, accompanied by a moderate increase in trading volume.

The benchmark Shanghai Composite Index slid 0.42 percent, or 9.87 points, to close at 2,363.44, and the Shenzhen Component Index declined 0.36 percent, or 37.07 points, to finish at 10,143.20.

Due to renewed fears that Greece may soon exit the eurozone, the Shanghai Composite opened lower before securities stocks led a rally in the market. Nevertheless, after touching an intra-day high of 2,378.08 points, the index stepped down throughout the rest of the session.

With the help of the cement, real estate and securities sectors, the market recovered some early losses but ended down for the day.

Analysts noted that the retreat yesterday pointed to uncertainties over whether there would be more monetary easing and a continuation to China's economic downturn, and the A-share market is expected to consolidate further if the current financial climate persists.

The shipping, rare earth, nonferrous metals and shipbuilding sectors were the biggest drags yesterday, while securities and property companies outperformed the market.

Southwest Securities Co jumped 6.65 percent to 11.54 yuan ($1.82); Western Securities Co soared 7.54 percent to 19.26 yuan; Shahe Industry Co, a property company, surged 9.94 percent to 7.85 yuan; and China Sports Industry Group increased 7.59 percent to 7.94 yuan.

The two indices together saw 778 stocks gain in value, 1,547 lose and 152 draw even.


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