Index falls on net outflows of stock connect
Print Edition
SHANGHAI stocks edged down yesterday amid profit taking as a trading link between Shanghai and Hong Kong exchanges posted its first net outflow from Shanghai shares in 18 trading sessions.
The Shanghai Composite Index slid 0.08 percent to 3,050.72 points, ending a four-day winning streak.
Data from the Hong Kong Exchange & Clearing Co showed that overseas investors sold 117 million yuan (US$18 million) worth of shares through the Shanghai-Hong Kong Stock Connect, the first net outflow in 18 trading days.
But analysts were bullish over the market outlook as latest data signaled an upward momentum in the world’s second-largest economy.
The Caixin Business Activity Index, a gauge of operating conditions in private service companies, was 52.2 last month, up from February’s 51.2 but still under January’s six-month high of 52.4, according to Caixin magazine and research firm Markit.
CITIC Securities, China’s biggest listed brokerage, dropped 0.7 percent to 17.80 yuan while China Minsheng Banking Corp lost 1.8 percent to close at 9.05 yuan.
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