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Shares close almost flat on weak investor confidence

(Xinhua)
Updated: 2008-12-17 18:32

In contrast to gains on regional markets following a strong overnight rally on Wall Street, Chinese stocks closed 0.09 percent higher Wednesday with heavy trading.

The benchmark Shanghai Composite Index finished the day at 1,976.82 points, up 1.81 points, after hitting a high of 2,003.38 in the morning.

The smaller Shenzhen Component Index closed up 36.55 points, or 0.5 percent, at 7,286.87.

China's equities advanced 1.26 percent in the morning session tracking gains on the US and Asian markets, but earlier gains were wiped out by heavyweight-led losses in the afternoon.

PetroChina, the country's major oil producer, fell 0.9 percent to 11 yuan, and Sinopec, Asia's largest refiner, dropped 0.38 percent to 7.85 yuan.

The Industrial and Commercial Bank of China (ICBC), the country's largest commercial lender, was also outperformed by the benchmark index, losing 0.26 percent to finish at 3.78 yuan.

Wednesday's combined turnover in Shanghai and Shenzhen reached 104.74 billion yuan ($15.3 billion), about 30 percent higher than 79.8 billion yuan registered on the previous trading day.

Shenyin & Wanguo Securities analysts wrote in a note that heavier trading indicated that more investors preferred profit-taking when prices are higher, out of expectations that the market may decline again.

They also expected the market to remain weak with more corrections in the near future, as investor confidence was dampened by data published this week that heightened fears of an economic slowdown.

Power producers gained the most by more than two percent Wednesday on rumors of capital injection from the government.

Chongqing Jiulong Electric Power rose 10.12 percent to 3.81 yuan. Datang International Power Generation Co went up 1.41 percent to 7.19 yuan.

The telecom sector continued to rise on hopes of an imminent launch of high-speed networks using third-generation technology (3G). China Unicom, one of the country's three telecom operators, rose 0.72 percent to 5.59 yuan. ZTE Corporation, a leading telecom equipment manufacturer, rose 2.46 percent to 27.49 yuan.

Gainers outnumbered losers by 619 to 218 in Shanghai and 537 to 182 in Shenzhen.

Markets outside the country all posted broader gains Wednesday after the US Federal Reserve axed its benchmark interest rate to a record low of zero to 0.25 percent Tuesday.