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Financial shares pull Shanghai index lower
Print Edition
SHANGHAI shares declined yesterday as the key index was pulled down by financial firms after the gauge hit an 11-week high in previous trading.
The Shanghai Composite Index dipped 0.18 percent to 3,640.49 points.
Financial shares were a drag on the index. China Everbright Bank sank 2.73 percent to 4.62 yuan (73 US cents) while China Life Insurance Co shed 1.64 percent to 29.36 yuan.
But the decline was limited as investors were hopeful over economic and financial reforms after People’s Bank of China Governor Zhou Xiaochuan said the country will continue to reform its financial system over the next five years and enhance supervision to prevent a systemic risk.
“Investors now believe a long and steady bull run has emerged, with the participation of the government,” Guosen Securities Co wrote in a note.
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