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Financial shares lead Shanghai index down
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SHANGHAI stocks ended lower today, as last week’s bounce of blue chips clearly reversed this week, with shares in the financial sector leading the decline.
The Shanghai Composite Index went down 0.11 percent to 2217.47 points. Turnover was 140.36 billion yuan($22.77 billion).
“The surge of blue chips last week has been brought to a halt this week and shares in the financial and real estate sectors began to drop, as investors are starting to limit the risks of too high prices,” said Shenyin & Wanguo Securities.
Banking shares dropped on a massive scale. China Citic Bank lost 1.99 percent to 4.44 yuan, while Industrial Bank was down 1.93 percent to 10.66 yuan.
As China’s Ministry of Industry and Information Technology has just approved Aluminum Corporation of China expanding shares in the rare earth industry, its shares skyrocketed 10.00 percent to 4.07 yuan.
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