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Shanghai index down 0.6% in morning trading
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Shanghai stocks declined this morning as development zones and financial shares retreated, offsetting the gains of distilleries.
The benchmark Shanghai Composite Index lost 0.6 percent, or 13.77 points, to 2,233.30. Half-day turnover was 53.4 billion yuan (US$8.8 billion).
“The market performance is constrained by tight liquidity toward the year end,” Dongguan Securities said in a note today.
“The continuous decline of the ChiNext board also dampened market confidence,” said the broker.
ChiNext Index, a gauge of China’s Nasdaq-style board for growth firms, has lost more than 12 percent this week since the regulator announced to resume initial public offerings after a 13-month hiatus.
Shanghai Waigaoqiao Free Trade Zone Development Co Ltd skid 3.3 percent to 37.06 yuan. Beijing Electronic Zone Investment and Development Co Ltd fell 2.8 percent to 12.19 yuan.
Brokerages fell among financial counters. Haitong Securities lost 3.5 percent to 11.97 yuan. CITIC Securities, China’s biggest broker, dropped 3.3 percent to 13 yuan.
Distilleries gained against the falling index. Kweichow Moutai Co Ltd rose 1 percent to 138.40 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd advanced 2 percent to 19.14 yuan.
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