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China shares close flat as support moves fail to inspire

(Xinhua)
Updated: 2009-01-15 16:13

Chinese shares closed almost flat Thursday, after new government support moves failed to create enough confidence to offset overnight losses on Wall Street.

China said late Wednesday that it would cut fuel prices for the second time in a month, offer tax cuts for auto purchases to boost sales and take steps to support the steel industry.

However, investors remained cautious ahead of the release of more 2008 economic data next week, analysts said. Bleak corporate earnings were also weighing on sentiment with companies set to release their annual reports, they added.

The Shanghai Composite Index fell 8.66 points, or 0.45 percent, to 1,920.21 points. The Shenzhen Component Index slipped 0.2 percent to 6,798.53, down 13.34 points.

Combined turnover expanded to 124.9 billion yuan ($18.27 billion) from 97.2 billion yuan the previous day, as investors locked in profits following Wednesday's strong rebound. Gainers outnumbered losers on both markets, by 540 to 298 in Shanghai and 411 to 288 in Shenzhen.

Overnight, the Dow Jones Industrial Average tumbled nearly 3 percent as a larger-than-expected drop in retail sales and downbeat outlooks for big banks exacerbated worries about the US economy.

Regional markets were mostly lower Thursday, with shares in Japan and Hong Kong each slumping about 5 percent.

Heavweights drove the China equities market lower Thursday.

The Industrial and Commercial Bank of China slid 2.24 percent to 3.49 yuan. China Ping An lost 1.27 percent to 29.47 yuan.

Real estate stocks rose on expectations of another interest rate cut before the Lunar New Year, which falls on January 26. Shanghai-based Gemdale Corp rose 2.8 percent to 7.34 yuan. Beijing Capital Development shot up 6.1 percent to 8.18 yuan.

Stocks that could benefit from the launch of the third generation (3G) mobile phone network also rose. China Unicom, one of the country's three operators, gained 3 percent to 4.8 yuan. ZTE Corp, the leading telecom equipment producer, rose 2.55 percent to 27.36 yuan.

Airlines rose in reaction to Wednesday's decision to scrap the fuel surcharge on domestic flights. China Eastern rose by the daily limit of 10 percent to 4.73 yuan. China Southern advanced 2.68 percent to 3.45 yuan. Air China rose 1.17 percent to 4.33 yuan.