SHANGHAI stocks ended nearly flat yesterday as investors adopted a cautious stance amid mounting market uncertainty. The benchmark Shanghai Composite Index added 0.01 percent on the final trading day of the month to close at 2,236.62 points. The index lost 3.94 percent this week and 5.45 percent in March.

"The market is likely to fluctuate as the signs of economic recovery are intertwined with uncertainties about monetary policy, the reboot of initial public offerings and corporate earnings," UBS Investment Research said in a report yesterday.

The report said China has shifted its monetary policy stance to neutral from loose after the People's Bank of China restarted the use of repurchase agreements while the China Banking Regulatory Commission tightened oversight on lenders' wealth management products to limit funds raised through off-balance sheet products.

Shanghai Waigaoqiao Free Trade Zone Development Co added 4.6 percent to 13.83 yuan after Premier Li Keqiang on Thursday visited the zone during an inspection tour of the Yangtze River Delta. Shanghai Jinqiao Export Processing Zone Development Co gained 3 percent to 8.66 yuan.