Rumor over international board dents key index
Print Edition
Shanghai shares dipped yesterday on speculation the city plans to introduce an international board which later turned out to be a rumor.
The Shanghai Composite Index shed 0.94 percent to 2,190.93 points yesterday, led by blue-chip lenders and brokerages.
Refuting the rumor, the Shanghai Stock Exchange clarified that it is not looking to launch the international board.
Shanghai Pudong Development Bank lost 2.82 percent to 9.98 yuan (US$1.63). The Industrial Bank shed 3.2 percent to 11.21 yuan.
CITIC Securities Co and Haitong Securities Co slid more than 3 percent after Bank of America Corp said brokerages are likely to be hit as the Chinese government is encouraging banks to offer asset-management products, Bloomberg News said.
Analysts said investors will sell the free trade zone-related stocks that have surged since late August.
Shanghai Waigaoqiao Free Trade Zone Development Co declined 3.42 percent to 51.91 yuan, the lowest in the last seven trading days.
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