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Shanghai market in correction after yesterday’s big surge
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Shanghai stocks fell today, dragged by telecom shares as investors locked in profits after the market surged to a three-month high yesterday.
The benchmark Shanghai Composite Index shed 0.21 percent, or 4.70 points, to 2,247.06. Daily turnover was 105.8 billion yuan (US$17.3 billion).
“Capital is flowing from the telecommunications sector and other boards that gained a lot in the previous session amid a growing profit-taking sentiment among investors,” said Hongyuan Securities.
China’s latest move to issue long-awaited 4G licenses to telecommunications carriers failed to boost the sector which tumbled 2.4 percent and became the biggest loser today.
China Unicom, one of the three carriers receiving the 4G licenses, declined 2 percent to 3.43 yuan. Fiberhome Telecommunication Technologies Co slumped 3.7 percent to 16.97 yuan. Beijing Zhongchuang Telecom Test Co dived 9.8 percent to 21.60 yuan.
“The issuance of the licenses was in market expectations and its impact on the sector was reflected in previous gains,” said Haitong Securities.
Lenders lost today after Zhou Xiaochuan, the central bank governor, pledged yesterday to promote interest rate liberalization, a move that would hurt profit margins of lenders, especially smaller banks.
Shanghai Pudong Development Bank Co Ltd shed 0.5 percent to 10.35 yuan. Industrial Bank Co Ltd lost 0.8 percent to 10.87 yuan. China Minsheng Banking Corp Ltd fell 0.6 percent to 8.56 yuan.
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