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Shanghai Composite dips as market in correction
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Shanghai shares traded lower today due to market correction and investors' concerns over capital outflow if the Federal Reserve begins to taper monthly bond buying.
The benchmark Shanghai Composite Index dipped 0.22 percent to 2,231.4 points. The turnover was 133.6 billion yuan (US$21.86 billion) at the trading close.
Analysts said the A-share market needs a technical correction after a rally from as low as 1,849.65 points in June.
There's speculation that September and October economic data may not be as good as August, said brokerages.
Shanghai Pudong Development Bank Co tumbled 3.5 percent today, paring a rally to 36 percent since late August.
Cyclical stocks, such as steel, coal and raw materials, also dropped today. Baoshan Iron & Steel Co extended the loss for the fourth trading day after hitting a three-month-high of 4.64 yuan last Tuesday. It dipped 1.56 percent to 4.41 yuan today.
The State Council, the Chinese cabinet, said in a statement today that the country will invest more in infrastructure construction in the latest effort to accelerate urbanization and boost related sectors.
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