Index falls 1.23% on fears over economy
Print Edition
SHANGHAI shares slumped 1.23 percent yesterday amid profit-taking and fears over a weakening economy.
The key Shanghai Composite Index closed at 2,038.61 points, down 25.4 points, or 1.23 percent. The turnover was about 97.2 billion yuan (US$15.78 billion).
The index is close to the long-term threshold of 2,050 to 2,060 points after gaining last week, analysts said.
“The drop came amid increased trade volume that represented a pessimistic mood in the market. It will require time to fix it,” Shenyin & Wanguo Securities said in a report yesterday.
Finance and property stocks, a reflection of the economy, led the laggards yesterday, when the National Bureau of Statistics unveiled inflation figures, which showed China’s consumer price index rose 2.3 percent in June from a year earlier.
The figure was lower than the forecast for 2.4 percent and the weaker CPI signals weak demand in the domestic economy, analysts said.
China Vanke, the country’s largest residential developer, dropped 1.38 percent to close at 8.56 yuan. Industrial and Commercial Bank of China Ltd, or ICBC, the world’s biggest bank, fell 1.44 percent to 3.42 yuan.
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