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Decline in FTZ-related shares dents key index
Print Edition
Shanghai stocks fell yesterday for the first time in five days as free trade zone-related shares started to correct.
The Shanghai Composite Index shed 0.24 percent to 2,122.43 points.
The recent surge in FTZ-related shares was largely supported by speculative buys, Wendy Liu, head of China equity research at Nomura Holdings, said, adding the gains were not sustainable.
Shanghai Material Trading Co lost 3.1 percent to 14.24 yuan after leaping nearly 60 percent following China’s approval last month for a pilot free trade zone in Shanghai. Orient International Enterprise fell 2.2 percent to 11.11 yuan, paring gains of 40 percent in the past two weeks.
But Shanghai Waigaoqiao Free Trade Zone Development Co, the operator of two of the four bonded areas in the pilot zone, continued to rise as its shares jumped by the daily limit of 10 percent to 21.75 yuan. It is the fifth straight day the shares rose 10 percent after the operator unveiled a refinancing plan to back the FTZ development last Friday.
The injection of 10 billion yuan into the money market via 14-day reverse repurchase agreements yesterday by the central bank did not help banks.
The Industrial and Commercial Bank of China shed 0.5 percent to 3.91 yuan. The Agricultural Bank of China lost 0.4 percent to 2.47 yuan.
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