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Shanghai shares dip as uncertainty weighs on market
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SHANGHAI stocks fell for a fourth day today as investors worried about economic growth, credit defaults and the unlocking of a spate of non-tradable shares.
The key Shanghai Composite Index declined 0.41 percent, or 8.41 points, to 2,033.31. Turnover was 71.6 billion yuan (US$11.7 billion) at the trading close.
“The market is expected to continue a weak run as investor confidence is waning amid concerns about economic slowdown and credit defaults,” Hou Yingmin, an economist at Shanghai-based Aijian Securities, said in a note today.
Analysts with CITIC Securities said the stock market is in a downturn as the government seems more tolerant for a slowing economy.
Data from Southwest Securities Co added to the jitters. It showed that 125 billion yuan of non-tradable shares will be allowed to trade in the Shanghai and Shenzhen markets in April after their lock-up periods expire, 16.7 percent more than in March.
Shares related to Shanghai Pilot Free Trade Zone dropped the most. Shanghai Oriental Pearl (Group) Co Ltd slumped by the daily limit of 10 percent to 11.34 yuan. Shanghai International Port (Group) Co Ltd lost 3.9 percent to 4.75 yuan. Shanghai Material Trading Co Ltd tumbled 8.2 percent to 10.82 yuan.
Bank of Communications led the decline of financial shares, falling 1 percent to 3.78 yuan, after China’s fifth-biggest lender posted a 6.7 percent growth in net profit last year, below the 12 percent average of its peers.
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