Index sees 1st weekly loss in one month
Print Edition
Shanghai stocks fell yesterday in light trading, leading to the first weekly loss in a month, as investors remained cautious ahead of a statement from a key economic meeting that will map out growth plans for 2014.
The benchmark Shanghai Composite Index shed 0.31 percent, or 6.72 points, to close at 2,196.07. Turnover was weak at 72.6 billion yuan (US$11.9 billion). For the week, the index declined 1.8 percent.
“The market sentiment was cautious during the annual Central Economic Work Conference as investors waited for policies to become clear,” Shenyin and Wanguo Securities said in a note.
China will stick to a proactive fiscal policy and a prudent monetary policy stance in 2014 to keep balance between growth and reform, said a statement from the conference which was issued after market close.
The Chinese Academy of Social Sciences, a leading think tank for the country’s top leadership, said in a recent report that China’s 2014 growth target may be set at 7 percent, short of the 7.5 percent for 2013.
Media shares suffered from profit taking. Zhejiang Daily Media Group Co lost 0.9 percent to 33.58 yuan after surging 7 percent on Thursday. Time Publishing and Media Co dropped 4.5 percent to 16.76 yuan.
Most brokerages gained after the Economic Observer reported that the securities regulator will today announce an expansion of over-the-counter trading of shares of unlisted companies.
The report said a market making rule will be unveiled, which will add to sources of income for securities firms.
Haitong Securities rose 1.2 percent to 11.49 yuan. Soochow Securities Co gained 3.1 percent to 8.61 yuan.
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