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Profit taking dents Shanghai index
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SHANGHAI stocks lost nearly 1 percent today, ending a six-day rally, as investors took profits in heavily weighted sectors such as banking.
The market was also hit by weak economic data. China today reported a 6.7 percent drop in foreign direct investment in May, the biggest decline in 16 months.
The Shanghai Composite Index fell 0.92 percent to 2,066.70 at the close after rising to a nearly two-month high in the previous session.
The decline in financial shares was led by Industrial & Commercial Bank of China, which slumped 1.32 percent to 3.73 yuan, its biggest loss since March 10. Banks had outperformed yesterday after the central bank extended a reserve requirement ratio cut to more lenders.
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