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Cautious mood and holidays dent shares
Print Edition
SHANGHAI stocks ended lower yesterday as shrinking margin lending highlighted continued cautious sentiment and investors also chose to stay on the sidelines ahead of holidays.
The Shanghai Composite Index fell 1.6 percent to 3,092.35 points. For the week, the index shed 0.18 percent to notch its second week of decline.
“Shrinking margin lending indicated that investors are cautious about the market outlook,” Guangzhou Wanlong Securities Consulting said in a note yesterday.
The brokerage added that investors liquidated their holdings ahead of the Mid-Autumn Festival tomorrow and the weeklong National Day holiday from next Thursday.
The outstanding margin loans — money investors borrowed from brokerages — fell for a second day on Thursday to 588.1 billion yuan (US$92.2 billion) on the Shanghai Stock Exchange, from a peak of 1.48 trillion yuan in June.
Coal miners were affected yesterday by a Fitch Ratings report which said a sharp rebound in coal price is unlikely in the short term in the Asia-Pacific region.
“China, which accounts for 70 percent of the region’s coal use, is likely to see its demand stay depressed due to slowing industrial activities and a shift in energy mix,” Fitch said.
SDIC Xinji Energy Co lost 6.4 percent to 9.59 yuan, and China Coal Energy Co fell 4 percent to 6.20 yuan.
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