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Heavyweight petroleum and bank shares pull index down
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Shanghai stocks yesterday fell for the fourth consecutive day, led by losses of heavyweight petroleum and bank shares although counters related to a potential new free trade zone in Zhejiang Province rose.
The Shanghai Composite Index dipped 0.14 percent to 2,183.07 points.
“We have seen the index fluctuate near the 2,200 level for about a week,” Shenyin and Wanguo Securities wrote in a note. “The market needs some real catalysts for it to climb.”
Sinopec, Asia’s largest refiner, led the fall among oil companies. It tumbled 2.68 percent to 4.72 yuan (78 US cents) after the government said seven of its employees were detained by police in connection with last Friday’s deadly explosion at one of its pipelines in Qingdao, Shandong Province, which killed at least 55.
Large-cap banks also fell, with the Industrial and Commercial Bank of China down 0.5 percent and China Construction Bank falling 0.9 percent.
Companies based in Ningbo, Zhejiang Province, rose for a second day after media reports said on Monday that nearby Zhoushan is among candidates to be approved for an FTZ. Ningbo Marine Co and Ningbo Fuda Co both surged by the daily limit of 10 percent.
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