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Banks send index to biggest loss in 2 weeks
Print Edition
SHANGHAI stocks yesterday posted the biggest loss in two weeks as profit taking hit banks and electricity companies, while investors abandoned small companies.
The Shanghai Composite Index declined 3.03 percent, or 94.83 points, to 3,032.61 points.
Bank shares fell after leading the market gains the previous day. China Everbright Bank shed 6.4 percent to 4.24 yuan (68 US cents), the Agricultural Bank of China lost 5.62 percent to 3.36 yuan, and the Bank of Communications fell 5.22 percent to 6.17 yuan.
Huatai Securities said as the China Securities Regulatory Commission has tightened control over illegal trading such as stock manipulation, investors began to sell shares of small companies to pursue blue chips seen as a safer investment in times of market uncertainty.
Trying to put a positive spin, Soochow Securities said the market will see an upward trend as the interest cut will continue to increase liquidity. It added that government reforms will further raise investor confidence in state-owned enterprises.
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