Index drops amid profit taking on FTZ shares
Print Edition
Shanghai shares tumbled yesterday after nervous investors took profit on free trade zone- related stocks amid worries over a possible slowing Chinese economy in the fourth quarter.
The Shanghai Composite Index lost 1.81 percent to 2,193.07 points amid wide speculation on whether the market could hold around 2,200 points.
“The Chinese economy’s rebound in the fourth quarter will not be strong,” said Gao Ting, China chief investment analyst at UBS Securities.
Meanwhile Adrian Mowat, a stock analyst with JPMorgan Chase, said in a report yesterday that he gave an underweight rating on the A-share market.
China’s securities regulator yesterday reiterated that there’s no policy to allow overseas companies to issue shares inside the Shanghai FTZ amid rumors that the city plans to set up an international board.
In yesterday’s trading the FTZ-linked shares led the market’s decline after their recent surge.
Shanghai Waigaoqiao Free Trade Zone Development Co, the biggest gainer in the A-share market since late August after the FTZ was approved, plunged by nearly the 10 percent daily limit to 46.19 yuan (US$7.57), a one-month low.
Shanghai Zhangjiang Hi-Tech Park Development Co fell 9.9 percent to 8.74 yuan.
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