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Stocks fall to lowest in 3 weeks amid tight capital
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CHINA'S stock dropped to the lowest level in nearly three weeks today after shares related to the newly approved Shanghai Free Trade Zone stumbled amid a tight capital situation ahead of a week-long holiday.
The Shanghai Composite Index fell 1.94 percent to 2,155.81 and turnover was 125.7 billion yuan (US$20.3 billion), down from yesterday's 143.8 billion yuan.
Shanghai International Port and Shanghai Waigaoqiao Free Trade Zone Development Co were among the stocks that shed the daily limit of 10 percent.
Shanghai Jielong Industry Corp slid 10 percent to 10.12 yuan after it said in an exchange statement that the approval of the Shanghai Free Trade Zone will have no direct impact on its earnings in the short term.
"Friday will be the last trading day ahead of the National Day Holiday break and market sentiment is rather low and liquidity will remain rather tight in the short term," said Northeast Securities' analyst Du Changchun.
Property developers were also among the losers. Shanghai Jinqiao Export Processing Zone Development Co slid 10 percent to 15.36 yuan. China Enterprise Company Limited slumped 7.75 percent to 7.02 yuan.
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