China market: Down trend is confirmed.
By Daniel at 2 February, 2010, 9:25 am
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SHANGHAI’S key stock index reversed earlier gains last night, extending its losing streak after it failed to break through the important 3,000 points, is a confirmed down trend.
The benchmark Shanghai Composite Index dipped 0.23 percent, or 6.65 points, to close at 2,934.71 points. Turnover shrank to billion yuan (US$7.8 billion) from 103.8 billion yuan. Losers outnumbered gainers 542 to 323 and 30 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.58 percent to close at 1,096.29 points.
The key index tumbled 1.65 percent yesterday after losing 8.8 percent in January ! !
Property developers led the decliners. Shanghai-based Shimao Co lost 2.7 percent to 13.89 yuan. Shanghai Lujiazui Finance & Trade Zone eased 1.3 percent to 22.16 yuan
Not good …
The fake rally yesterday is/was the final blowout.
Of course our Bloom,CNBC,GS(O’NEILL),..dreamers and living in lala fantasy land did expect a AU rate hike,every normal in reality living economist didn’t.Further as expected , RED China again down on.
NEW home sales : Halved in Shanghai in January from a month earlier due to sluggish buying momentum, which was affected by a series of government cooling measures that aim to curb property speculation.Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, plunged 51 percent to 700,000 square meters last month, Shanghai Uwin Real Estate Information Services Co said yesterday.
Again SHANGHAI’S key stock index down,closed on the lowest level since October on ongoing fears that the stronger US dollar may trigger a capital exodus from emerging markets.
The benchmark Shanghai Composite Index closed 0.23 down %, at 2.934.71
The Shenzhen Composite Index, which tracks the smaller,but more important domestic market, was down 0.64 % closed at 11,912.93
POP.
- doubledutch
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