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Financial firms lead index to end lower
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SHANGHAI shares dipped yesterday as investors took profits, with financial stocks leading the decliners after gaining in previous trading days.
The Shanghai Composite Index fell 0.5 percent to close at 3,632.90 points.
Citic Securities Co fell 3.36 percent to 20.16 yuan (US$3.17) while Everbright Securities Co sank 4.44 percent to 26.24 yuan.
There are rising concerns that Chinese stocks are overvalued after the Shanghai gauge rebounded 24 percent from its August low, analysts said.
“The market needs to take a breather and consolidate after a pretty decent run-up,” said Wei Wei, analyst at Huaxi Securities Co in Shanghai. “Several stocks, particularly small caps, are overbought technically and are facing some profit-taking pressure.”
The Shanghai gauge rose last week partly on rumor that China would continue to cut interest rates and spend to spur the economy amid its coolest growth in a quarter-century.
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