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Shanghai shares down, led by media, aircraft companies
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SHANGHAI stocks edged down in morning trading as media firms and aircraft manufacturers declined, offsetting the gains of financial counters.
The key Shanghai Composite Index shed 0.04 percent, or 0.85 points, to 2,150.23. Half-day turnover was 30.3 billion yuan (US$5 billion).
“Tight liquidity situation is weighing on market performance,” Guosen Securities said in a note.
Northeast Securities said blue-chip shares are depressed amid mounting concern that local government debt may be larger than expected as China’s auditing authority is set to release its findings in coming days.
Media companies declined the most. BesTV New Media Co Ltd dropped 2.4 percent to 37.51 yuan. Time Publishing & Media Co Ltd slumped 3.4 percent to 16.57 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd lost 2.7 percent to 9.79 yuan.
Aircraft manufacturers also tumbled. Jiangxi Hongdu Aviation Industry Co Ltd fell 1.9 percent to 19.18 yuan. China AVIC Electronics Co Ltd slipped 2 percent to 22.60 yuan.
Brokerages paced the gains of financial stocks. Haitong Securities added 0.5 percent to 11.35 yuan. CITIC Securities, China’s biggest broker, gained 1 percent to 12.62 yuan.
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