Profit-taking ends 10-day winning streak
Print Edition
SHANGHAI stocks ended a 10-day winning streak yesterday as profit-taking in bank shares dragged down the market.
The Shanghai Composite Index lost 0.83 percent to finish at 3,660.73 points.
Guangzhou Wanlong Securities Consulting said investors took profits on blue chips that surged following the index’s winning streak in the past fortnight.
The Agricultural Bank of China fell 2.4 percent after it reported a drop in profit growth and a spike in bad loans amid a slowing economy.
The Industrial Bank shed 3.35 percent to 16.72 yuan (US$2.69), and China Everbright Bank lost 3.21 percent to 4.53 yuan.
Steel companies also fell after leading the surge on Tuesday. Lingyuan Iron & Steel Co fell 4.24 percent to 6.33 yuan, Baoshan Iron & Steel Co slid 4.22 percent to 7.04 yuan, Wuhan Iron & Steel Co lost 4.02 percent to 4.77 yuan, and Xinyu Iron & Steel Co shed 3.98 percent to 7.24 yuan.
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