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Financial, oil stocks drag Shanghai index down
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SHANGHAI stocks fell this morning, dragged down by financial institutions and oil companies. The key Shanghai Composite Index shed 0.42 percent, or 9.04 points, to 2,121.50. Half-day turnover was 48.6 billion yuan (US$8 billion).
“The index is likely to fluctuate in a narrow range between 2,100 and 2,160 this week in a trade-off between concerns about economic weakness and expectations for stimulus measures,” said Northeast Securities.
Brokerages declined among financial stocks after surging last week when the securities regulator unveiled a plan for cross-trading between Hong Kong and Shanghai bourses.
CITIC Securities lost 1.6 percent to 12.03 yuan. Haitong Securities sank 1.5 percent to 9.96 yuan. The Pacific Securities Co Ltd slid 1.7 percent to 6.57 yuan.
Lenders also lost. Shanghai Pudong Development Bank Co Ltd decreased 1.3 percent to 10.12 yuan. Industrial Bank Co Ltd slumped 1.5 percent to 10.25 yuan.
Sinopec Shanghai Petrochemical Co Ltd paced the decline of oil companies, falling 4.6 percent to 3.31 yuan, after the company forecasted a loss of 70 million yuan in first-quarter profit. Offshore Oil Engineering Co Ltd dipped 0.4 percent to 7.88 yuan.
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