Banking and property shares drag down index
Print Edition
SHANGHAI stocks dropped yesterday for the first time in seven trading sessions. Though shares in the petroleum industry made healthy gains, weakness in the banking and real estate sectors led to the decline.
The Shanghai Composite Index lost 0.09 percent to 2,181.24 points. Turnover was 149.57 billion yuan (US$24.23 billion).
Political news also had an impact on share prices.
Guotai Junan Securities said the announcement that Zhou Yongkang, the country’s former security chief, was being investigated for corruption “signifies more credit in the market.”
According to CITIC Securities, the central government’s anti-corruption campaign will help break down monopolies and push forward reforms in sectors long dominated by state-owned enterprises.
Shares of PetroChina increased 3.08 percent to 8.04 yuan, while China Petroleum & Chemical gained 1.16 percent to 5.23 yuan.
The banking sector dipped after several days of gains. Bank of Communications lost 2.44 percent to 4.39 yuan, while Bank of China dipped 1.47 percent to 2.68 yuan.
The property sector was mostly down as investors remain pessimistic about its prospects in the short term.
Poly Real Estate lost 5.46 percent to 5.89 yuan, while Gree Real Estate was down 4.92 percent to close at 10.24 yuan.
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