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Profit taking sends Shanghai index down 1.3%
By Ye Zhen |
February 7, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning after the index hit a 9-month high and profit taking sent financial shares tumbling.
The key Shanghai Composite Index slid 1.3 percent to 2,402.48 points. Turnover was 59.9 billion yuan (US$9.5 billion) by the lunch break.
"Many big investors are cashing in profits ahead of the weeklong Spring Festival holiday," Damo Investment Co said today. "But we remain optimistic about the market's long-term outlook as there is sufficient liquidity."
China Minsheng Banking Corp led the decline of lenders, slumping 7.3 percent to 10.85 yuan, after surging more than 35 percent since the beginning of the year. ICBC, the nation's largest bank, dropped 2.7 percent to 4.30 yuan. China Construction Bank decreased 3 percent to 4.87 yuan.
Insurers also fell. China Life Insurance, the country's biggest insurer, lost 1.7 percent to 20.14 yuan. Ping An Insurance Co, China's second largest insurer, decreased 2.6 percent to 51.43 yuan.
Oil producers gained against the falling index after China announced to upgrade fuel standards over the next four years to tackle the nation's worsening air pollution. Zhejiang Haiyue Co advanced 3.5 percent to 12.76 yuan. Shanghai Lonyer Fuels Co jumped by the daily limit of 10 percent to 11.36 yuan.
The key Shanghai Composite Index slid 1.3 percent to 2,402.48 points. Turnover was 59.9 billion yuan (US$9.5 billion) by the lunch break.
"Many big investors are cashing in profits ahead of the weeklong Spring Festival holiday," Damo Investment Co said today. "But we remain optimistic about the market's long-term outlook as there is sufficient liquidity."
China Minsheng Banking Corp led the decline of lenders, slumping 7.3 percent to 10.85 yuan, after surging more than 35 percent since the beginning of the year. ICBC, the nation's largest bank, dropped 2.7 percent to 4.30 yuan. China Construction Bank decreased 3 percent to 4.87 yuan.
Insurers also fell. China Life Insurance, the country's biggest insurer, lost 1.7 percent to 20.14 yuan. Ping An Insurance Co, China's second largest insurer, decreased 2.6 percent to 51.43 yuan.
Oil producers gained against the falling index after China announced to upgrade fuel standards over the next four years to tackle the nation's worsening air pollution. Zhejiang Haiyue Co advanced 3.5 percent to 12.76 yuan. Shanghai Lonyer Fuels Co jumped by the daily limit of 10 percent to 11.36 yuan.
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