Cautious investors send index down ahead of data release
Print Edition
Shanghai stocks closed lower yesterday as investors took a cautious stance ahead of the release of economic data, while financial counters and shares linked to the free trade zone slumped due to profit taking.
The key Shanghai Composite Index shed 0.4 percent to 2,237.11 points. The index ended the week with a 0.75 percent advance, the fourth straight week of gain.
Investors adopted a wait-and-watch strategy as China is due to release trade data for November on Sunday. And a raft of key economic data, including inflation, industrial output and retails sales, will be unveiled next week.
Dongguan Securities said in a note yesterday that the market performance is also constrained by tight liquidity toward the year-end, while the continuous decline of the ChiNext board has also dampened market confidence.
ChiNext Index, a gauge of China’s Nasdaq-style board for growth firms, lost nearly 12 percent this week since the regulator announced plans to resume initial public offerings after a 13-month hiatus.
Securities firms pared gains made earlier this week on the regulator’s plan to resume IPOs. Haitong Securities dropped 3.8 percent to 11.94 yuan (US$1.96) after gaining more than 5 percent this week. CITIC Securities, China’s biggest listed brokerage, fell 2.6 percent to 13.10 yuan.
Shanghai Waigaoqiao Free Trade Zone Development Co slid 3.8 percent to 36.88 yuan, trimming gains made earlier this week after the central bank released detailed financial policies for the Shanghai FTZ, outlining 30 measures to facilitate cross-border investments and transactions.
The China Securities Regulatory Commission yesterday said it would allow companies delisted from stock exchanges to trade shares on over-the-counter markets nationwide as part of efforts to improve the country’s delisting system.
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