Investor concerns cast cloud on shares
Print Edition
SHANGHAI stocks yesterday fell for a fourth straight trading day as investors worried about economic growth, credit risks and non-tradable shares becoming tradable.
The Shanghai Composite Index shed 0.41 percent, or 8.41 points, to 2,033.31.
“The market is expected to continue a weak run as investor confidence is waning amid concerns about economic slowdown and credit defaults,” Hou Yingmin, analyst at Shanghai-based Aijian Securities, said in a note yesterday.
Meanwhile data from Southwest Securities Co showed 125 billion yuan (US$20.1 billion) of non-tradable shares will trade on the Shanghai and Shenzhen markets this month after their lockup periods expire, a rise of 16.7 percent from March.
Shares related to the Shanghai pilot free trade zone dropped. Shanghai Oriental Pearl (Group) Co fell by the daily maximum of 10 percent to 11.34 yuan. Shanghai International Port (Group) Co lost 3.9 percent to 4.75 yuan, and Shanghai Material Trading Co shed 8.2 percent to 10.82 yuan.
The Bank of Communications declined 1 percent to close at 3.78 yuan.
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