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Investors play safe after Everbright episode
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Shanghai stocks fell in the morning trading as investors took a cautious stance following a roller-coaster ride on Friday.
The Shanghai Composite Index shed 0.2 percent to 2,064.36 points. Turnover was 40.2 billion yuan (US$6.6 billion) by the noon break.
A glitch in the trading system of China Everbright Securities caused a sudden surge in Shanghai shares on Friday morning, sending the composite index up 5.9 percent in just two minutes before falling back in the afternoon.
“The unexpected episode was a distraction for the A-share market which was on an upward trajectory as inflation had eased,” said Guotai & Junan Securities.
“Investors’ appetite for risk is dwindling amid rising uncertainties,” the broker said.
Brokerages were among the biggest losers due to speculations that the stock market regulator may curb their innovative businesses after the Everbright incident.
Haitong Securities dropped 3.5 percent to 10.83 yuan. CITIC Securities shed 3 percent to 10.68 yuan. Southwest Securities Co slumped 6.3 percent to 8.78 yuan. The trading of Everbright shares is still suspended today.
Coal producers also fell. Shanxi Lu'an Environmental Energy Development Co lost 2 percent to 13.06 yuan. Shanxi Coal International Energy Group Co fell 2.4 percent to 6.11 yuan.
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