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Shanghai shares post biggest weekly loss since June
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Shanghai stocks declined today, sending the key index to its biggest weekly loss in nearly four months as uncertainties persisted over the economy and market liquidity.
The benchmark Shanghai Composite Index fell 0.65 percent, or 15.31 points, to 2,341.18. Turnover was 179.4 billion yuan (US$29.3 billion) for the day.
The index dropped 1.4 percent this week, its biggest dip since the week ending on June 20. A slew of economic data for September provided a mixed picture of the world’s second largest economy.
Analysts said investors were taking a cautious stance and waiting for more clues about the direction of the economy as key data including retail, industrial output, and the third-quarter economic growth rate will be released next Tuesday.
“Quarterly economic data to be released next week will briefly impact market sentiment,” said CITIC Securities in a report. “Meanwhile, the upcoming pilot program to allow cross-border investment between the Shanghai and Hong Kong stock markets, although positive, has added uncertainty.”
Concerns over liquidity also depressed the market as a number of initial public offerings will open for subscriptions next week.
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