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July 21, 2016

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Falling banks and gold firms hammer shares

SHANGHAI stocks yesterday fell for a third day in a row as metal companies, heavy manufacturers and financial firms all wobbled amid mixed signs for economic growth.

The Shanghai Composite Index dipped 0.29 percent to 3,027.90 points.

The International Monetary Fund has slightly raised its 2016 forecast for China by 0.1 percentage points to 6.6 percent, and kept its outlook for 2017 at 6.2 percent.

UBS Securities expected China’s growth pace to cool in the second half of the year as investment in infrastructure is unlikely to grow to fully offset the slowdown in private and manufacturing funding and the current property rebound continues to ease.

China Minsheng Banking Corp fell 2.2 percent to 9.29 yuan. China Construction Bank lost 1.6 percent to 5.05 yuan.

“Gold shares and banks fell sharply today as some investors locked in profits,” said Song Zhongqing, analyst with Changjiang Securities.

Zhongjin Gold Corp fell 6.1 percent to 14.87 yuan (US$2.23). Shandong Gold Mining Co lost 4.6 percent to 44.83 yuan.


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