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Shanghai index down 0.14%, tugged by financial, property shares
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SHANGHAI stocks dipped in morning trading as financial shares declined on poor earnings while property developers retreated after days of gains.
The key Shanghai Composite Index lost 0.14 percent, or 2.81 points, to 2,064.50. Half-day turnover was 47.3 billion yuan (US$7.8 billion).
Financial shares dropped over dismal earnings reports even through Premier Li Keqiang said in a cabinet meeting yesterday that China will step up effort to ensure healthy growth of the country’s capital market.
Everbright Securities traded flat in the morning session after it reported a 79 percent decrease in net profit last year. The brokerage was fined a record 523.3 million yuan last year by the China Securities Regulatory Commission for insider trading.
Agricultural Bank of China, the country’s third-biggest lender, yesterday posted 14.6 percent profit increase last year, the slowest growth rate since the bank went public in 2010.
Industrial Securities Co fell 3 percent to 8.95 yuan. Sinolink Securities lost 1 percent to 10.08 yuan. Shanghai Pudong Development Bank Co Ltd sank 1.9 percent to 9.57 yuan.
Property developers also slumped in the morning session after days of gains over expectation the government is easing control on the sector.
Poly Real Estate lost 1.7 percent to 7.36 yuan. Beijing Homeyear Real Estate Co Ltd decreased 3.2 percent to 4.78 yuan.
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