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Shanghai Composite down 1.1% in morning session
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Shanghai stocks declined in morning trading with technology, media and telecom firms leading the fall.
The benchmark Shanghai Composite Index lost 1.1 percent to 2,111.13 points. Half-day turnover was 68.7 billion yuan (US$11.3 billion).
Nomura Securities said in report that investors should withdraw money from China’s stock market which has been rising for four months.
The government may introduce medium-term structural reforms during the third plenum of the Communist Party of China, but these measures can hardly provide impetus for growth in the short term, the broker said.
Media companies dragged the market down. Jiangsu Phoenix Publishing & Media Co Ltd slumped 9.3 percent to 9.72 yuan. Zhejiang Daily Media Group Co dropped 8.8 percent to 30.90 yuan.
Datang Telecom Technology Co plunged 9.1 percent to 11.58 yuan. United Network Communications Ltd shed 0.6 percent to 3.33 yuan. Tsinghua Tongfang Co dropped 6.5 percent to 8.16 yuan.
Financial shares advanced against the falling index thanks to expectations that the regulator may soon launch a pilot program to allow the issue of preferred shares as a step toward building a multi-layer capital market.
CITIC Securities said the issuance of preferred shares will increase funding channels for companies and help them to improve corporate governance.
Shanghai Pudong Development Bank Co gained 1.8 percent to 10.33 yuan. Industrial Bank added 4 percent to 12 yuan. China Minsheng Banking Corp rose 2.7 percent to 9.12 yuan.
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