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June 27, 2019

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Stocks fall as investors turn cagey

Shanghai stocks fell yesterday as investors turned cautious, led by declines of brokerages and telecommunication shares.

The Shanghai Composite Index lost 0.19 percent to close at 2,976.28 points.

Investors turned cautious and took a wait-and-see stance ahead of the G20 summit, where President Xi Jinping and US President Donald Trump are expected to meet.

Shares of brokerages, non-ferrous providers and insurance companies were among the biggest decliners.

Brokerages sector fell following the news that China’s largest public traded broker CITIC Securities plans to sell 427 million shares, or 5.58 percent, of CSC Financial in the secondary market in the next six months, according to a statement released on Tuesday to the Shanghai Stock Exchange.

Meanwhile, Tianfeng Securities Co Ltd dropped 9.88 percent to 10.4 yuan (US$1.51).


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