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Wan LixinOpinion deputy editor of Shanghai Daily
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SHANGHAI shares fell yesterday, led by property stocks as investors shrugged off the better-than expected manufacturing activities in August.
The Shanghai Composite Index dipped 0.72 percent to close at 3,063.31 points.
Shanghai-based Future Land Development Holdings declined 6.64 percent to 11.96 yuan (US$1.79), while Greenland Group shrank 5.48 percent to 9.49 yuan.
Finance shares also declined, with EverBright Securities Co losing 2.88 percent to 16.86 yuan.
Investors dismissed the positive official manufacturing purchasing managers’ index, which unexpectedly rose to a two-year high in August, as this probably weakened the chances of further monetary stimulus.
Weaker corporate earnings in the first half year have also dented the Shanghai gauge as all 1,124 listed companies in Shanghai posted a 5.69 percent year-on-year drop in profits to 1.14 trillion yuan by the end of the six months on June 30.
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