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Key index eases on market correction
Print Edition
Shanghai shares closed slightly lower yesterday as the market corrected, dragged down by heavily-weighted stocks like lenders and brokerages.
The Shanghai Composite Index dipped 0.22 percent to 2,231.4 points.
Analysts said the A-share market corrected after shares rallied from a low of 1,849.65 points in June, giving investors an excuse to cash in their gains.
Investors were also troubled by talk that economic data for September and October may pale August’s figures, according to Essence Securities.
“China’s economy may grow slower in the next two months due to sluggish investment in real estate and infrastructure development,” said Gao Shanwen, chief economist at the brokerage.
Meanwhile, the expiration of locked-up stocks may also weigh on the market. Data showed that 37.7 billion yuan (US$6.2 billion) worth of shares in 19 companies will trade on the Shanghai and Shenzhen markets this week.
Shanghai Pudong Development Bank tumbled 3.5 percent, its biggest loss since June 24, after it rallied 36 percent from late August.
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