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Shanghai shares drop as market undergoes correction
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Shanghai stocks traded lower in the morning session after rising for two straight days as shares boosted by the newly-approved Shanghai Free Trade Zone declined in market correction.
The benchmark Shanghai Composite Index shed 0.07 percent to 2,126.03 points. Turnover was 57.7 billion yuan (US$9.5 billion) by the noon break.
“Although shares related to the free trade zone gained the most after the central government approval, they are expected to experience some ups and downs as their fundamentals are not strong enough,” said Shenyin & Wanguo Securities.
Wendy Liu, head of China equity research at Nomura Holdings, said the recent surge in FTZ-related shares was largely supported by speculative buys and there will be further fluctuation among related shares before the detailed rules for the zone are released.
Shanghai Material Trading Co lost 2.2 percent to 14.38 yuan after leaping nearly 60 percent since the central government gave the green light last month to set up Shanghai Free Trade Zone.
Orient International Enterprise fell 2.1 percent to 11.12 yuan, paring gains of 40 percent in the past two weeks.
Shanghai Waigaoqiao Free Trade Zone Development Co, the operator of two of the four bonded areas included in the free trade zone, continued a strong run, jumping by the daily limit of 10 percent to 21.75 yuan. It is the fifth straight day of gains after the operator announced a refinancing plan for the free trade zone last Friday.
Most lenders declined even though the People’s Bank of China, the central bank, today injected 10 billion yuan into the money market via 14-day reverse repurchase agreements.
Industrial and Commercial Bank of China shed 0.25 percent to 3.92 yuan. Agricultural Bank of China lost 0.81 percent to 2.46 yuan.
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