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Profit taking drags Shanghai shares down 0.86%
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SHANGHAI stocks sank today, snapped a five-day winning streak, as investors cashed in gains made earlier.
The benchmark Shanghai Composite Index lost 0.86 percent, the biggest daily fall in one month, to settle at 2,236.22 points. Turnover was 140.6 billion yuan (US$23 billion) at the trading close. The index added 4.5 percent this week.
“The market was dragged down by a bout of profit taking in financial and shipping sectors that have gained a lot in previous sessions,” said Shenyin & Wanguo Securities.
Shanghai Pudong Development Bank Co led the decline, falling 2.8 percent to 11.91 yuan, after surging to a three-year high amid expectations that the lender will benefit from China’s plan to carry out financial reform in the newly established Shanghai Free Trade Zone.
China Minsheng Banking Corp lost 3.9 percent to 9.84 yuan. Industrial Bank Co shed 3.2 percent to 12.29 yuan.
China Shipping Development Co Ltd tumbled 5.3 percent to 5.02 yuan after UBS AG downgraded its rating, saying that the company’s 36 percent gain in share price since April has priced in its favorable factors.
“Improving fundamentals as reflected by economic data have boosted cyclical shares but seasonal liquidity shortage in mid and late September is likely to weigh on the market,” said Qi Li, an analyst with Western Securities.
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