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September 24, 2016

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Little cheer as stocks end down

CHINESE stocks lacked momentum on the last trading day of the week with turnover remaining slim as investors had little desire to trade.

The Shanghai Composite Index lost 0.28 percent to 3,033.9 points with turnover of 147.4 billion yuan (US$22 billion). For the week, the index rose 1 percent.

Market sentiment was subdued after a sharp retreat of property shares from Thursday’s surge as investors took profit. Poly Real Estate Group was down 2.6 percent to 9.73 yuan.

UBS Securities’ China Chief Strategist Gao Ting said investor sentiment still seemed to be under pressure following recent regulatory moves to curb shadow banking. They maintained a neutral view of A shares’ performance in the second half of this year.


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