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Shanghai shares drop as investors wait for November data
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SHANGHAI stocks ended lower today as investors were cautious ahead of the release of the November economic data, while financial shares and those linked to the pilot free trade zone suffered a bout of profit taking.
The key Shanghai Composite Index dipped 0.4 percent, or 9.95 points, to 2,237.11. Daily turnover was 92.3 billion yuan (US$15.1 billion). The index ended the week with a 0.76 percent advance, rising four weeks in a row.
Investors appeared to sit on the sidelines today, waiting for Sunday’s release of the November economic data that include figures of China’s inflation, industrial output and retail sales.
Dongguan Securities said in a note that the market performance was also affected by tight liquidity toward the year end and continuous decline of Shenzhen’s ChiNext.
ChiNext Index, a gauge of China’s Nasdaq-style board for growth firms, has lost more than 12 percent this week since the regulator announced to resume initial public offerings after a 13-month hiatus.
Securities firms pared gains made earlier in the week amid concerns over IPO reboot. Haitong Securities fell 3.8 percent to 11.94 yuan after gaining more than 5 percent this week. CITIC Securities, China’s biggest broker, skid 2.6 percent to 13.10 yuan.
Shanghai Waigaoqiao Free Trade Zone Development Co was down 3.8 percent to 36.88 yuan, paring earlier gains after the central bank outlined 30 measures to facilitate cross-border investment and transactions in the free trade zone.
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