Shanghai shares dip 0.15% in morning trading

By Ye Zhen | April 3, 2014, Thursday |

Online Edition

SHANGHAI stocks edged lower this morning as property developers, coal miners and steel producers declined.

The benchmark Shanghai Composite Index dipped 0.15 percent, or 3.04 points, to 2,055.95. Turnover was 45.3 billion yuan (US$7.4 billion) by midday.

“We’re cautious about market performance in the second quarter because of tight liquidity and flagging economy,” BOC International (China) Ltd said in a note today.

The brokerage expected a significant fall in first-quarter profits of non-financial companies as recent data on industrial output, fixed-asset investment and retail sales all showed the economy was slowing.

Property developers slumped the most this morning after surging yesterday on speculations the government may relax restrictions on housing purchases. China Fortune Land Co Ltd dropped 1.32 percent to 30.61 yuan. Beijing Vantone Real Estate Co Ltd tumbled 7.7 percent to 3.72 yuan.

Coal miners were weak. China Coal Energy Co Ltd lost 2.5 percent to 4.29 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd slid 1.1 percent to 8.01 yuan.

Steel makers also declined. Baoshan Iron & Steel Co Ltd shed 2.3 percent to 3.88 yuan. Xinjiang Bayi Iron & Steel Co Ltd fell 4.3 percent to 3.76 yuan.

Finance

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Shanghai shares dip 0.15% in morning trading

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