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Shanghai index down 1.8%, led by FTZ-concept stocks
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Shanghai shares tumbled today after big sell-offs of free trade zone-related stocks as more investors tried to lock in profits amid concerns over slowing economy in the fourth quarter.
The benchmark Shanghai Composite Index plunged 1.81 percent to 2,193.07 points, below the speculation of 2,200 points.
"China’s economic recovery won’t be strong in the fourth quarter," said Gao Ting, chief China investment strategist with UBS Securities. "The upward force for the A-share market is lacking."
Gao said reform expectations have little effect on short-term economic growth but Chinese leaders’ determination will shore up investor confidence.
The FTZ concept shares led the plunge today. Shanghai Waigaoqiao Free Trade Zone Development Co, the biggest blockbuster on the A-share market since August after the Shanghai Free Trade Zone was approved, dived almost 10 percent to 46.19 yuan. Shanghai Zhangjiang Hi-tech Park Development Co fell 9.9 percent to 8.74 yuan.
Media stocks also flopped. Huayi Brothers Media Corporation plunged by the daily limit of 10 percent to 31.88 yuan.
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