Index snaps 6-day win streak amid correction
Print Edition
Shanghai shares headed south yesterday, snapping a six-day winning streak, as small caps tumbled in a market correction while investors braced for China’s trade data due out today.
The Shanghai Composite Index lost 0.67 percent to 2,046.78 points.
Media companies and IT firms dragged the market lower following in the footsteps of their peers on the Nasdaq-style bourse in Shenzhen, with the ChiNext Price Index slumping 3 percent to 1,175.7 points.
“The market was in a vacillating correction (mode) as risks were in store for growth shares that were approaching their record highs,” said Guosen Securities.
Zhe Jiang Daily Media Group Co retreated 4 percent to 29.99 yuan (US$4.89) following a 7.1 percent surge on Tuesday. Shanghai Xinhua Media Co shed 4.5 percent to 5.54 yuan.
Investors adopted a cautious stance ahead of trade data today, which will offer hints on the state of the world’s second-largest economy.
“Growth of trade in China is likely to moderate further in the second half of the year due to unfavorable external environment and lagged effects of yuan appreciation,” the State Information Center, a government think-tank, said in a report published in China Securities Journal yesterday.
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