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Shanghai shares drop to close a weaker week
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Shanghai stocks fell today in a light trading, adding to the first weekly loss in a month, as investors were cautious ahead of the closure of a key economic meeting that will map out growth plans for 2014.
The benchmark Shanghai Composite Index shed 0.31 percent, or 6.72 points, to 2,196.07. Turnover was weak at 72.6 billion yuan (US$11.9 billion) at the trading close. For the week, the index declined 1.8 percent.
“The market sentiment was cautious during the annual Central Economic Work Conference as investors were waiting for policies to become clear,” said Shenyin & Wanguo Securities.
The muted market performance came amid worries that China may set a slower economic growth target for 2014 as the world’s second-largest economy is seeking to deepen reform and rebalance its growth to a more sustainable pattern.
The Chinese Academy of Social Sciences, a leading think tank for China’s top leadership, said in a recent report that China’s 2014 growth target may be set at 7 percent, short of the 7.5 percent for 2013.
Media shares suffered from profit takings. Zhe Jiang Daily Media Group Co Ltd lost 0.9 percent to 33.58 yuan after surging 7 percent yesterday. Time Publishing And Media Co Ltd dropped 4.5 percent to 16.76 yuan.
Most brokerages gained after the Economic Observer reported China’s top securities regulator tomorrow is to announce an expansion of over-the-counter trading of shares of unlisted companies.
The report said a market making rule will be introduced, which will add to sources of income for securities firms.
Haitong Securities rose 1.2 percent to 11.49 yuan. Soochow Securities Co gained 3.1 percent to 8.61 yuan.
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