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Shanghai index slips in choppy morning trading
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Shanghai stocks dipped in choppy morning trading as the losses of small-cap firms outweighed the gains of trading and logistics enterprises.
The key Shanghai Composite Index shed 0.19 percent to 2,092.57 points. Turnover was 63.4 billion yuan (US$10.4 billion) by midday.
“Market fundamentals have improved with the economy is recovering but liquidity pressure continued to weigh on the market in the medium term due to rising borrowing costs,” said Xiao Shijun, analyst with Guodu Securities.
Small-cap shares were among the biggest decliners. Sanan Optoelectronics Co lost 1.02 percent to 20.30 yuan. Xi'an Longi Silicon Materials Co fell 2.5 percent to 14.56 yuan.
Development zone operators, trading and logistics firms continued a strong run after the central bank last week approved the trial of a free trade zone in Shanghai.
Shanghai Zhangjiang High-tech Park Development Co surged 4.5 percent to 6.80 yuan. Shanghai Jinqiao Export Processing Zone Development Co jumped 8.3 percent to 10.47 yuan.
CSSC Jiangnan Heavy Industry Co gained 4.9 percent to 11.21 yuan. Shanghai International Port (Group) Co soared by the daily limit of 10 percent to 3.40 yuan.
Shanghai Material Trading Co leapt 9 percent to 10.80 yuan. Orient International Enterprise increased 6.7 percent to 9.46 yuan.
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