Profit-taking hits stocks, but trend higher
Print Edition
SHANGHAI shares closed slightly lower yesterday as investors cashed in their profits from Thursday’s rise, which had climbed on a study showing the economy was stabilizing and by optimism joint Shenzhen-Hong Kong trading would soon begin.
The Shanghai Composite Index dipped 0.12 percent to 3,125.32 points at the close, after gaining as much as 0.38 percent in early trade but losing momentum in the final session.
The index closed the week 0.68 percent higher, its fourth consecutive week of gains.
Financial shares weakened, as Citic Securities Co declined 0.19 percent to 16.84 yuan (US$2.5) and Bank of Hangzhou dropped 2.99 percent to 26.93 yuan.
“Investor sentiment has calmed down after several rounds of tests, including the UK’s (Brexit) referendum, the Federal Reserve’s rate hike and tighter scrutiny on the financial sector,” said Wang Delun, the chief strategist at Industrial Securities Co.
“Now, more investors are looking upon mid-term opportunities instead of short-term fluctuation.”
The market is also waiting for the upcoming Shenzhen-Hong Kong Stock Connect by year-end, analysts said, a link that could give overseas investors more access to the Chinese mainland market.
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