Profit-taking amid market correction
Print Edition
SHANGHAI shares fell yesterday as investors again took profit amid a market correction.
The Shanghai Composite Index shed 1.43 percent to 3,580.84 points.
Investors took profit as concerns rose that shares have rebounded too much from their August low, said Ren Chengde, senior analyst at Galaxy Securities Co in Shanghai.
The Shanghai index edged down 0.3 percent during the week, rising 11 percent so far this year and 22 percent from its August low, spurred by six cuts in interest rates within a year and the central government’s unprecedented measures to stabilize the stock market after a rout in June.
China Shipbuilding Industry Co slumped 4.34 percent to 11.01 yuan (US$1.72), and China Nuclear Power Co lost 3.84 percent to 10.78 yuan.
Ren said sentiment was also under pressure as investors feared the US Federal Reserve is likely to raise interest rates.
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