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Domestics markets finish at odds as 18th Party Congress approaches

By Yu Xi  (Global Times)

13:27, October 18, 2012

Mainland stock markets closed on opposite sides of the break-even point Wednesday as investors adopt a wait-and-see stance ahead of the upcoming 18th National Congress of the Communist Party of China (CPC).

The Shanghai Composite Index went up 6.81 points, or 0.32 percent, to close at 2,105.62; while the Shenzhen Component Index shaved off 0.05 percent, or 4.36 points, to finish at 8,641.18.

Both benchmarks opened higher Wednesday and drifted downward throughout most of the morning session. Gains in the heavily weighted securities, non-ferrous metal and coal sectors lifted both indices in the late morning. Strong performances from the oil, coal and banking sectors in the afternoon helped carry the Shanghai Composite into positive territory by the end of trading.

Nineteen mainland-listed securities companies which had disclosed their financial data for September posted a combined net profit of 1.13 billion yuan ($180.64 million) during the month, up 192.7 percent compared to August, according to a report published Wednesday in the Securities Daily. This news helped securities firms advance, although most of the gains were modest. Huatai Securities Co tacked on 0.52 percent to 9.60 yuan Wednesday. Western Securities Co climbed 1.44 percent to 14.76 yuan on the day.

Chinese bankers also outperformed Wednesday. Shanghai Pudong Development Bank added 1.21 percent to 7.55 yuan. Ping An Bank Co climbed 1.06 percent to 13.36 yuan.

Brewing stocks snapped their two-day winning streak Tuesday. Tsingtao Brewery Com gave up 1.31 percent to 32.36 yuan. Hai Nan Yedao (Group) Co Ltd fell 1.06 percent to 7.50 yuan.

Widespread speculations that the upcoming 18th National Congress of the CPC will produce stimulus policies favorable to mainland equities are expected to keep big movements in check at exchanges in the coming weeks, analysts say.

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