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Shanghai shares down 1.02%, led by lenders, miners
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SHANGHAI stocks retreated in early trading after five straight days of gains as financial heavyweights and metal producers slumped.
The benchmark Shanghai Composite Index fell 1.02 percent to 2,232.60 points. Turnover was 89 billion yuan (US$14.6 billion) at the noon break.
Shanghai Pudong Development Bank Co led the decline of lenders, falling 3.3 percent to 11.85 yuan, after surging to a three-year high amid speculations that the lender will benefit from China’s plan to push ahead financial reform in the newly established Shanghai Free Trade Zone.
China Minsheng Banking Corp lost 4.3 percent to 9.80 yuan. Industrial Bank Co slid 3.2 percent to 12.28 yuan.
Gold miners fell among metal stocks after gold futures slipped more than 2 percent to the lowest in a month amid worries that the US Federal Reserve may soon announce to cut back its bond purchases.
Shandong Gold Mining Co lost 1.3 percent to 22.97 yuan. Zhongjin Gold Corp fell 1.6 percent to 10.06 yuan. Zijin Mining Group Co Ltd declinded 1.5 percent to 2.69 yuan.
“Improving fundamentals as reflected by economic data have boosted cyclical shares but seasonal shortage of liquidity in mid and late September is likely to weigh on the market,” said Qi Li, an analyst with Western Securities.
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