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Profit-taking in financial sector hits stocks
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SHANGHAI stocks fell yesterday amid massive profit-taking in the financial sector.
The Shanghai Composite Index was down 0.49 percent to 2,925.74 points.
Dongguan Securities said a 5 percent drop on Tuesday suggested a proper end to the stock buying madness in the past fortnight. The extraordinary activity was inevitably tempered by the weak economic data released this week, which showed no improvement in the Chinese economy’s slowdown.
The government also played a part in cooling the market with state media warning against risks in the A-share market. Authorities had also warned against increased illegal trading for manipulation.
Some securities companies had already raised the deposit in margin trading. According to Everbright Securities, with the upward trend boosted by the remarkable volume of margin trading, a higher deposit rate would help reduce the risks faced by smaller investors.
Founder Securities fell by the daily limit of 10 percent to 13.64 yuan (US$2.20), Haitong Securities lost 9.99 percent to 19.55 yuan, and Citic Securities shed 9.39 percent to 24.71 yuan.
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