Investors take profit to halt 7-day run
Print Edition
SHANGHAI shares fell for the first time in seven days as investors took profits while waiting for more government initiatives to boost the market.
The Shanghai Composite Index lost 1.29 percent to 4,070.91 points yesterday, ending its six-day winning streak since May while erasing previous 1.5 percent gain.
The benchmark gauge rose as much as 1.55 percent to 4,188.35 points in the morning session despite monthly manufacturing activity data showing a drop of 15-month low. It then retreated in the last 30 minutes before trading closed.
“China’s mainland investors are more sensitive about government measures rather than economic fundamentals,” said Zhang Qi, an analyst at Haitong Securities Co.
The Shanghai Composite rose 2.9 percent this week, rebounding 16 percent since July 8 after the regulator allowed more than 1,400 companies to halt trading. It also banned major shareholders from selling stakes, restricting short selling and suspending initial public offerings.
Wendy Liu, managing director of China Equity Research at Nomura Securities Co, said A-shares were too policy-driven as they rose, and dependent on government as they slumped.
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