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Shares decline as investors lock in gains

[ 2009-05-21 11:05]     字号 [] [] []  
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China's stocks fell from a nine-month high as investors speculated this year's rally has outstripped prospects for earnings growth.

"Stock prices are high and we need earnings growth to back up those valuations," said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co.

The Shanghai Composite Index, which tracks the bigger of China's exchanges, fell 25.27, or 0.9 percent, to 2,651.41 at close.

The index has surged 55 percent from last year's low on Nov 4, spurred by the government's 4 trillion-yuan stimulus package and removal of lending restrictions.

Enthusiasm about an economic recovery in China may be "premature" as private investment lags behind government spending, the World Bank said.

"Until we see a recovery in private investment, it's hard to get too excited about the future," David Dollar, the lender's country director for China, said in Beijing yesterday. Private investment, the main driver of growth, was "way down" in the first quarter, he said, without citing a figure.

The Shanghai Composite's 46 percent rally this year has made it the world's sixth-best performer.

According to Mark Mobius, executive chairman of Templeton Asset Management Ltd, “The nation's economy will not 'crash', though growth will slow down”.

Hong Kong stocks also fell from a seven-month high.

The Hang Seng Index slipped 0.4 percent.

"I don't think we can find bargains like we did in October, November, December last year," said Khiem Do, head of the multi-asset group at Baring Asset Management (Asia) Ltd in Hong Kong.

"The repressed valuations have been exploited. From now on stocks will have to deliver earnings in order to reflect higher prices."

(英语点津 Helen 编辑)

Shares decline as investors lock in gains

Shares decline as investors lock in gainsBrendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.