Shanghai shares fall for 3rd day straight
Print Edition
SHANGHAI stocks fell marginally yesterday, extending their losing streak to three days, as investors took a cautious stance amid lingering concerns over the economy.
The Shanghai Composite Index ended down 0.02 percent at 2,806.91 points.
“The market was weak amid growing risk aversion as a result of economic weakness and rising uncertainties regarding monetary policies at home and abroad,” said Wan Rong, an analyst with Huaxin Securities.
This month’s MNI business sentiment index fell 0.5 points from April to 50, which was consistent with data showing moderated steel prices and slower growth of coal use at six major plants so far this month, Nomura Securities said in a note.
“Growth momentum continued to lose steam in May,” it said.
Brokerages paced the decline of financial shares yesterday. Haitong Securities lost 0.7 percent to 14.68 yuan (US$2.24), while Everbright Securities fell 0.6 percent to 15.53 yuan.
Heavyweight oil stocks also declined, with China Petroleum & Chemical Corp down 0.4 percent to 4.68 yuan and PetroChina Co down 0.3 percent to 7.18 yuan.
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