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Shanghai index down 2% as FTZ stocks fizzle
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Shanghai shares declined for three trading days since Friday, closing at a seven-day low today as the free-trade zone concept stocks failed to play their magic.
The benchmark Shanghai Composite Index fell 2.05 percent to 2,185.56 points. Turnover was 132.4 billion yuan (US$ 21.63 billion) today.
"The recent rally had nothing to do with the profits of cyclical industries. It was mainly driven by the speculation of heavily-weighted but undervalued stocks," said Deng Eryong, an analyst with Changjing Securities.
Deng predicted that the September economic data would not be as good as that of August.
The Shanghai Composite Index has climbed more than 10 percent from its lowest on June 27 as statistics showed faster growth in exports and industrial output and investors capitalized on the Shanghai free trade zone newly approved by the State Council.
However, most FTZ-related stocks plunged today, except Shanghai Waigaoqiao Free Trade Zone Development Co, which continued to rise 4.84 percent to 44.44 yuan today from 14.85 yuan on August 30.
Shanghai International Port Co dived almost by the daily limit of 10 percent to 5.87 yuan after media reports said UBS AG had downgraded the stock to sell.
Shanghai Jinqiao Export Processing Zone Development Co fell 7.46 percent to 13.28 yuan.
According to China's leading financial data provider Wind Information, investors have spent more than 300 million yuan on four FTZ-concept stocks so far this month. The stocks have high price/earnings ratios but are not profitable.
Shares of Suning Commerce Co, China's largest home appliances retailer, rose 3.8 percent to 10.65 yuan on the Shenzhen market after the registered name of Suning Bank was approved by industry supervisor. The retailer will be the largest shareholder of China's first privately owned bank.
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