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Shanghai shares drop amid market correction
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Shanghai stocks fell in the morning session as a result of market correction and rising uncertainty over China’s economic performance in coming months.
The benchmark Shanghai Composite Index slid 0.24 percent to 2,230.86 points. Turnover was 79.5 billion yuan (US$12.98 billion) by the noon break.
"China’s economy may grow slower in the next two months due to sluggish investment in real estate and infrastructure development," said Gao Shanwen, chief economist at Essence Securities.
"The recent recovery is mainly caused by decreasing inventories and rising domestic demands," said Gao.
Pudong Development Bank Co tumbled 4.45 percent to 11.38 yuan this morning, its biggest loss since June 24. CITIC Securities Co Ltd fell 4.08 percent to 12.68 yuan.
The expiration of lock-up stocks is expected to put the markets on defense. Data showed that shares of 19 companies, worth 37.7 billion yuan, will be allowed for trading at Shanghai and Shenzhen markets this week.
Stocks related to the Shanghai free trade zone extended their bullish run this morning as the official launch of the FTZ is approaching. Shanghai Waigaoqiao Free Trade Zone Development Co jumped by the daily limit of 10 percent to 42.39 yuan, up 120 percent since August 30.
In a closed-door meeting on Friday market supervisors called for better protection of small investors as they are considering a reform of the initial public offering system. All IPO approvals have been suspended since last November.
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