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Shanghai shares drop with record trading volume

By Ye Zhen | November 11, 2014, Tuesday | Online Edition

SHANGHAI stocks retreated today with a record-high trading volume as investors cashed in gains after the benchmark index hit its highest level in three years.

The Shanghai Composite Index ended 0.16 percent lower after rising as much as 1.38 percent to a three-year high earlier. Shares worth of 331.3 billion yuan (US$54 billion) were changed hands during the day, the most on record.

Small-cap shares led the market decline while blue-chip shares that are expected to benefit most from the upcoming exchange link also pared earlier gains.

“The market suffered from a bout of profit takings as there were concerns that the Shanghai-Hong Kong Stock Connect may fail to meet high-running expectations in the short term,” said Shenyin & Wanguo Securities.

The securities regulators on mainland and Hong Kong said yesterday that the long-awaited program to allow cross-border trading of shares on Shanghai and Hong Kong exchange will kick off on November 17.

Since the program was unveiled in April, the Shanghai index has surged nearly 18 percent amid hopes for increased capital inflows, however a lack of clarity about tax issues and a hasty one-week preparation for the launch may deter some investors and lead to a mute start.

IT companies saw the most capital outflows as investors relocate funds to buy financial shares. Yonyou Software lost 2.3 percent to 20.59 yuan. Shanghai East-China Computer dropped by the daily limit of 10 percent to 41.53 yuan.

Bank of China, the country’s fourth largest lender by assets, leapt by the daily limit of 10 percent after it was designated as the sole clearing bank for the stock connect program. 

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