Shanghai index down 0.33% on a bout of profit taking

By Ye Zhen | July 4, 2014, Friday |

Online Edition

SHANGHAI stocks dropped this morning as port operators locked in gains made yesterday. The key Shanghai Composite Index slid 0.33 percent, or 6.77 points, to 2,056.46. Turnover was 49 billion yuan (US$7.9 billion) by the noon break.

The market declined after a four-day rally as investor sentiment rose on strong economic data and improving liquidity.

“Investors were encouraged by a stabilizing economy in the short term, but a cooling real-estate sector with no sign of recovery is casting a shadow on the long-term outlook,” said Cheng Feng, analyst with Changjiang Securities.

Port operators fell the most after surging yesterday amid hopes that President Xi Jinping’s visit to South Korea will give impetus to free trade negotiations.

Rizhao Port slumped 9.4 percent to 2.91 yuan. Jiangsu Lianyungang Port lost 5.8 percent to 4.24 yuan. Dalian Port tumbled 9.4 percent to 3.17 yuan.

Finance

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Shanghai index down 0.33% on a bout of profit taking

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