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Shanghai shares down 0.19% from recent rally
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SHANGHAI stocks dropped from a two-week high today as investors locked in their profits from the recent rally. The key Shanghai Composite Index slid 0.19 percent, or 3.85 points, to 2,059.38. Daily turnover was 83.6 billion yuan (US$13.5 billion). The index gained 1.12 percent this week.
“The market is on a downward correction after days of gains,” said Dong Wangfei, analyst with Western Securities. “Speculators are taking profits from the recent rally as there is no clear sign that the market rebound will continue.”
The market declined after a four-day rally on strong economic data and improving liquidity.
“Investors were encouraged by a stabilizing economy in the short term, but a cooling real estate sector with no sign of recovery is casting a shadow on the long-term outlook,” said Cheng Feng, analyst with Changjiang Securities.
Port operators lost the most after surging yesterday amid hopes that President Xi Jinping’s visit to South Korea will give impetus to free trade negotiations.
Rizhao Port slumped 9.3 percent to 2.91 yuan. Jiangsu Lianyungang Port lost 6 percent to 4.23 yuan. Dalian Port tumbled 10 percent to 3.15 yuan.
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