Shanghai Composite drops even though US ends shutdown

By Zha Minjie | October 17, 2013, Thursday |

Online Edition

Shanghai shares closed lower today amid growing uncertainty about the restart of initial public offerings despite an early morning rally on the news that the US federal budget stalemate had ended. The key Shanghai Composite Index fell 0.21 percent to 2,188.54 points.

Nearly 20 chief analysts with Chinese brokerages who were polled by Shanghai Securities News said “China's macro economy is stable but lackluster in performance."

Investors are waiting for encouraging policies to be made when the Chinese Communist Party holds a national conference in November to discuss ways to stimulate economic reform, said analysts.

Beijing Capital Co jumped 8.52 percent to 7.9 yuan today.

Shanghai Waigaoqiao Free Trade Zone Development Co slumped 3.46 percent to 44.59 yuan, falling from its peak of 64.16 yuan on September 25 when the Shanghai Pilot Free Trade Zone was inaugurated.

Finance

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Shanghai Composite drops even though US ends shutdown

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